UBS Asset Management, Wuffli Gets Withdrawals to $32 Mln a Day
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When Peter Wuffli moved to Chicago from Zurich in 1999 to take charge of the $317 billion asset-management unit of UBS AG, he had two years to stop clients from withdrawing money at a pace of $160 million a day.
The Swiss bank, which had suffered as a result of the year-old merger that created it and its under-performing funds, said today that Wuffli's money managers slowed the leak to $32 million a day in the fourth quarter.