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UBS Promotes Hagstrom to Oversee Prime Brokerage in U.S.

UBS AG (UBSN), Switzerland’s largest bank, named Chris Hagstrom to a newly created role as head of prime brokerage for the U.S., overseeing services for hedge funds.

Hagstrom previously led U.S. prime brokerage sales, Megan Stinson, a spokeswoman for Zurich-based UBS, said today in an e-mailed statement. The move was reported earlier by HFMWeek, a trade publication.

UBS named Reinhardt Olsen global head of prime brokerage in June, according to a report in Hedge Fund Intelligence. Paul Galietto, the previous head, took over as head of equities for the Americas this year after Peter Forlenza left to join Jefferies Group LLC, the newsletter said.

Hagstrom has worked in prime brokerage at UBS for nine years, according to Stinson. Before that, he worked at SG Cowen Securities Corp., Financial Industry Regulatory Authority records show.

To contact the reporter on this story: Zeke Faux in New York at zfaux@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net

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