UBS AG (UBSN), Switzerland’s largest bank, hired Tim Wannenmacher from Nomura Holdings Inc. as head of prime services for the Asia-Pacific region, according to an internal memo.
UBS was ranked by trade journal AsiaHedge in May last year as the third-largest prime broker in the Asia-Pacific behind Goldman Sachs Group Inc. and Morgan Stanley in terms of the 189 mandates it received. The Zurich-based bank was in fifth place based on the estimated $14.8 billion of hedge funds it controlled, lower than Deutsche Bank AG and Credit Suisse Group AG in addition to the U.S. banks.
Wannenmacher, who was most recently global head of prime services and delta one at Nomura, will join UBS in early May, according to the memo. He previously ran prime services in the region for Lehman Brothers Holdings Inc. based in Tokyo and Hong Kong. Nomura purchased the European and Asian operations after Lehman’s bankruptcy in 2008.
“Tim brings with him a wealth of experience and was instrumental in building out the prime services business for both Lehman and then Nomura in terms of revenues, product and breadth of coverage,” according to the memo. Wannenmacher will be responsible for “driving the development” of UBS’s prime services business and “ensuring the delivery of a full and integrated product offering” for clients, it said.
Prime brokers provide services such as lending stock and cash, and trade clearing. The consulting business and capital introduction teams help hedge funds set up offices and introduce them to potential investors.
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