John Costas is stepping down as CEO of UBS’s investment bank to run a new internal hedge fund operation. The move came as UBS announced a major reorganisation of its wealth management businesses. Costas has been replaced as head of the investment bank by Huw Jenkins, currently global head of equities. Costas, the energetic chairman and chief executive of UBS’s investment bank for the past 3-1/2 years, has been tapped to head up a new alternative investment management business – Dillon Read Capital Management – to be launched early next year. The new division will form part of UBS’s global asset management business, which is led by chairman and CEO John Fraser.
- Carlyle has established an office in Beijing, its third fully staffed office in China. The office has four investment professionals initially – two from the growth capital team, one from the buyout team and one from the real estate team – and is expected to grow in the coming months. Carlyle now has 57 investment professionals operating from seven offices across Asia. The firm’s three Asian funds have more than US$1bn in assets to invest in the pan-Asian region. Xiang-Dong Yang, managing director and co-head of the buyout team, said: “Carlyle’s presence in Beijing will significantly enhance our profile, network, and geographic and industry coverage in China.
- Barclays Private Equity and ABN AMRO Capital France are selling 100% of the share capital of food ingredients company Benedicta to Axa Private Equity and the company’s management team led by Olivier Marchand. The transaction has a value of about €60m. “The company currently realises close to 85% of its sales turnover on Benedicta branded products against only 60% five years ago,” said Bruno Ladriere, director of Axa Private Equity. “We fully agree on the development strategy set out by management . . . aimed at capitalising further on the brand. We also intend to support the company on future acquisition projects.