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UBS Seeing Moat of Secrecy Run Dry Vows Results

UBS AG Chief Investment Officer Alexander Friedman is masterminding a push by Switzerland’s biggest bank to develop a performance track record that will attract rich clients as Swiss secrecy erodes.

“There used to be this moat that created a great business model for Swiss banks -- it’s gone,” said Friedman, who was hired into the newly-created CIO position by former UBS Chief Executive Officer Oswald Gruebel in March 2011. “The core of this place is wealth management. So unless we outperform as investment managers, the business model has to come up with something new.”