27 April 2009

UBS names Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of the IB

UBS has announced the appointment of Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank effective immediately.

Oswald J. Grübel, Group CEO of UBS, commented on the appointments: "I would like to congratulate Alex and Carsten on their new roles. Under their joint leadership we will continue to build on the strong core businesses of our Investment Bank and remediate our legacy risks. Our Investment Bank is indispensable to our global firm and to our integrated business model."

Jerker Johansson has resigned from his role as CEO of the Investment Bank with immediate effect. He joined UBS in March 2008 and was a member of UBS's Group Executive Board.

Press release

More won, less zero

In The Trade magazine's second annual global client survey on algorithmic trading, UBS has won more top tier spots than any other provider, scoring top tier in 11 out of 15 categories.

The survey, based on over 300 buy-side evaluations in more than 20 countries, features an honor roll of firms to watch in the algorithmic trading space, an area which has seen pronounced growth in the last year alone, with 26 percent of respondents using algorithms for more than 40 percent of their trading by value, up from only nine percent a year ago, according to the publication. What's more, 45 percent of respondents felt that their algorithmic usage would continue to increase going forward.

Though cost reduction continues to be an important motivator in algorithmic trading, the magazine's editors indicated that the dramatic growth in emphasis on performance, price improvement and reduced price impact from their respondents signals a serious demand for execution quality from their algorithmic trading providers.

UBS's result is evidence of growth in market share in electronic trading, and reflects well on the firm's superior suite of products, state-of-the-art platform, strong client relationships and value-added consultative culture.

In addition to top tier results for specific core qualities, such as improving trader productivity, price improvement, execution consistency, speed and ease of use, UBS was rated top tier for Overall Performance in the UK and Europe, and as the Leading Clients pick among large institutions.

For more information on UBS Algorithmic Trading, or for additional client talking points, contact the Direct Execution team via directexecution@ubs.com.

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