June 2015 A Report by UNITE HERE Contact: Michael Pineschi [email protected] 916.390.0261

UBS Global Management: Departures mean at Least 874 Years of Experience Lost Since 2011

Recent high-level departures and a history of turnover at UBS Global ’s separate account business raises flags for investors.

Overview:

UBS Global Asset Management has a total of $680 billion in under management in over 4,500 separate accounts; 759 of which are corporate or Taft Hartley pension funds, and a further 198 are public pension funds.1 UBS Global Asset Management (UBS GAM) accounts for 25% of the Swiss Bank’s total invested assets.2

UBS GAM is an asset manager with a range of capabilities and teams. UBS GAM specializes in a handful of areas, including equities, , currencies, hedge funds, real estate, infrastructure, and private equity.3 There are specialty teams — such as Global Real Estate, Private Equity, Alternatives, Infrastructure, and others. However, the primary services provided to investors by UBS GAM is through equities, fixed income, and Global Investment Solutions.4 Over the past few years, departures of investment staff have been cause for concern for separate account clients, particularly in equities, fixed income, Global Investment Solutions and management.

The Issues

Since 2011, UBS GAM has lost a total of 280 portfolio managers, analysts, traders and client services personnel.5 Since 2011, UBS GAM UBS GAM has experienced personnel turnover on its asset has lost a total of 280 management teams since 2011 at a rate higher than some portfolio managers, peers. Over the same period of time, asset managers of analysts, traders and similar AUM6 had far less turnover. TIAA-CREF Asset client services personnel. Management, with $632 billion in AUM7 had a turnover of 45.8 Aberdeen Asset Management, with $504 billion9 in AUM had a turnover of 95.10

Over the past few years, some UBS clients have opted to transfer assets to other managers due to staff turnover or underperformance.

1 Detailed information is available on 46 departures from UBS’s equities, fixed income, or related teams since 2011, they alone represent 874 years of experience. There are several recent departures worth closer inspection, as they represent key-personnel who have recently left the firm.

Questions for Investors:

• With so many key-personnel departures, can investors be confident in the consistency and strategy of managed by UBS GAM? • Have staff signed non-compete agreements that would prevent them from attracting other UBS staff? • What analysis have consultants provided related to these recent depar- tures? • What policies or protocols has UBS adopted to respond to client concerns that ensure minimum turnover and continuity in strategies?

Investor Concerns

Staff shake-ups have caused investors to closely inspect their mandates with UBS, and in several cases move their assets, due to personnel turnover, performance, or a rebalancing of strategies. In recent years, several institutional investors have cited staff shake-ups at UBS as a specific concern. The concerns highlighted by pension funds over the past couple years appear to be ongoing, with recent information on additional staff departures.

Arkansas Teachers’ Retirement System, Arkansas Public Employees’ Retirement System, Merced County Employees’ Retirement Association, Minnesota State Board of Investment, and others have noted issues with performance or staffing in UBS’s separate account business.

Arkansas Teachers’ Retirement System Arkansas Teachers’ Retirement System unanimously11 terminated a $500 million active global equity portfolio managed by UBS Global Asset Management in November 2012 due to personnel changes and strategy considerations.12 The consultant noted that the departure of Nick Melhuish, the former Head of Global Equites and co-manager of the ATRS portfolio.13 ATRS’s consultant, HEK, did not have the same level of confidence in his replacement, Nick Irish, and had concerns about UBS’ investment strategies.14 HEK and ATRS staff recommended that ATRS terminate UBS and transfer the assets into another global equity .15

Arkansas Public Employees’ Retirement System In May 2013, Arkansas Public Employees’ Retirement System “The poor returns were (APERS) unanimously voted to move $30016 million out of a UBS a UBS problem, not a EAFE fund and put it in an index fund while they search for a new problem with the asset manager.17 It was noted that UBS underperformed the MSCI EAFE class” Index by 2.84% and ranked at the bottom 10% of their peers during —Callan Associates May 15, 2013 2 1Q13. Performance over the two- and three-year time periods had also been poor, trailing the benchmark and ranking in the bottom quartile of peers as of 1Q13.18

Kevin Dolsen of Callan Associates told the board that “Callan continued to be unhappy with UBS’ returns. Chronic poor returns coupled with the announcement of some key staff retiring led Callan to suggest terminating this manager and beginning a replacement search for this portfolo.”19

At a previous meeting in 2011 Ryan Ball of Callan Associates mentioned underperformance with a different UBS product APERS had already terminated in the past - UBS’s absolute return vehicle, also called the Global Tactical Asset Allocation (GTAA). While Ball was speaking about different asset classes and strategies, he commented on the low returns the UBS GTAA product offered; “the poor returns were a UBS problem, not a problem with the asset class.” 20

Merced County Employees’ Retirement Association Merced County Employees’ Retirement Association unanimously passed a motion in May 2013 to direct their consultant to find a replacement for their $20 million21 investment in UBS’s International Small Cap Equity.22 The decision to reallocate the investment was made after Nathan Pratt of SIS Consulting met with UBS’s Vincent Willyard,23 Willard was managing director and head of Global ex-US Growth Equities – he left UBS in June, 2013.24

Minnesota State Board of Investment The Minnesota State Board of Investment terminated UBS as a domestic equity manager in May 2013 due to “staff turnover, loss of institutional assets and underperformance.”25 The approximately $37026 million was moved to other active managers.27

Pennsylvania Municipal Retirement System The Pennsylvania Municipal Retirement System terminated UBS as “The Board felt that the a domestic large cap manager in July of 2013 because of personnel turmoil at UBS required a changes.28 The existing $120 million allocation came under closer scrutiny because of “significant turnover in key portfolio new examination of the management personnel over the last six months.”29 In a news manager.” release, the board stated that “the Board felt that the turmoil at UBS —Pennsylvania MRS Press Release required a new examination of the manager.” 30 May 17, 2013

Questions:

• What accounts for further losses of key personnel, even after losing clients in recent years due to concerns about turnover? • Given that staff turnover persists, are other investors considering terminating? • How might UBS strategies and performance be impacted by staff changes?

3 Recent Staffing Departures – An Ongoing Concern?

Since 2011, UBS Global Asset Management has had a total of 280 resignations, retirements, terminations, or other departures.31 As recently as June 2015, key people have moved from high level positions at UBS GAM to different firms or institutions.

Detailed information is available for 46 of those who left the firm since 2011. Just that limited sample represents an exodus of 874 years of experience from areas that oversee or are related to the separate account business.32 Since 2012, UBS GAM has lost the Chairman of the company (Dec 2014), the head of Americas (June 2015), and the Head of Asia Pacific (April 2012).

Those who recently left the firm include portfolio managers, directors, managing directors, leaders of specific strategies, senior analysts in several areas, a chairman, and others responsible for overseeing and managing the separate account business.

Seven recent departures in particular stand out as a concern for investors:

NAME Title Departure Years of Experience Years With Date at Departure UBS Shawn Lytle Head of Americas June 2015 23 13 Jose Blanco Regional Emerging February 2014 24 24 markets CIO Lowell Yura Head Strategist Americas July 2014 24 12 and UK Lawrence Kemp Managing Director and December 26 22 Head of large Cap Growth 2012 Equities Kai Sotorp Head-CEO Asia Pacific June 2014 25 14 and Member of Executive Committee Christof Kutscher Head of the Asia Pacific April 2012 11 11 Region John Fraser UBS GAM Chairman January 2015 22 22 Total: 155 Years 96 Years

Shawn Lytle — Head of Americas — June 2015

Shawn Lytle, the former head of Americas at UBS GAM departed June 1 this year to join Delaware Investments as the firm’s president33 Lytle takes 23 years of experience with him to Delaware. According to Ben Bruck, Chairman of Delaware Investments and Global Head of Macquarie , Lytle has “significant experience managing and attracting investment talent, and also driving business strategy.”34

4 A UBS employee for 13 years, Lytle started with UBS in London in 2002, serving as deputy global head of equities before his current Lytle has “significant role as head of Americas. He previously worked at JP Morgan Asset experience managing Management for 10 years.35 At UBS “Shawn [was] responsible for managing and developing all aspects of the Institutional and and attracting investment Wholesale business in the US, and Latin America. Shawn talent, and also driving [was] a member of the UBS Global Asset Management Executive business strategy.” Committee.”36 Lytle also was responsible for managing the global —Ben Bruck equities business, products and resources.37 Chairman of Delaware Investments

Lytle shared his excitement to join Delaware: “I have long admired Delaware’s boutique investment culture, strong investment performance, and growth in .”38

Jose Antonio Blanco — Regional Emerging markets CIO — 2014

After 24 years with UBS, regional emerging markets CIO Jose Blanco departed UBS GAM in February 2014.39 Blanco moved to in February 2014 to become head of the global multi asset division.40 Blanco began at UBS in 1990, and worked his way up to CIO of Europe, The Middle east and Africa (EMEA), but also played key roles in the Global Investment Solutions team, , and supervised the investment and research activities for continental Europe.41 He participated in the global asset allocation process and was at times responsible for the Structured Portfolio and Strategy Fund teams.42

Blanco’s move to Credit Suisse was preceded by rumors and John Evens, editor at TheWealthNet, posited “If Mr. Blanco is confirmed as a new Credit Suisse executive, his move would be regarded a coup. He has a wide reputation for sophisticated structuring of investment vehicles.”43

Lowell Yura — Head Strategist Americas and UK — 2014

Lowell Yura, Managing Director and Head Strategist Americas & UK, Global Investment Solutions left UBS in July 2014.44 During his 11-year tenure at UBS, Yura was a member of the Global Equity Portfolio management team, shared responsibility for construction and managing global equity portfolios worldwide, and also communicating UBS’s strategy to clients.45

Yura left UBS to join BMO as head of multi-asset strategies, according to a press release from BMO Global Asset Management.46 The press release also noted that Yura “brings 23 years of experience in investment consulting, asset allocation, manager research and portfolio management. He has earned Chartered Financial Analyst (CFA) and American Society of Actuaries (ASA) designations.”47

5 Lawrence Kemp — Managing Director and Head of Large Cap — 2012

Lawrence Kemp, Head of Large Cap Growth Equities, a Managing Director, and a “top performing US manager”48 departed the firm in December 2012.49 BlackRock hired Kemp to improve performance of its equity products.50 Kemp left UBS after 20 years, where he “ran the top performing £128m US Growth fund along with the firm’s US Large Cap Growth Equity strategies.”51 In US equities, Kemp was head of the firms US large cap growth equity team, and was responsible for the UBS US equity growth funds.52 At one point during his time at UBS, CityWire ranked Kemp fourth out of 286 managers.53 Kemp took two analysts with him when he left.54

UBS struggled to reconstitute the team after Kemp’s departure. Sam Console replaced Kemp on the US Large Cap Growth team in November 2012, however, Console left UBS less than 7 months later, in April 2013.55 Console joined Rainer Investment Management as senior manager on the firm’s US equity team.56

High Level Turnover in Asia Pacific

The following departures highlight issues in the Asia Pacific region in particular. These three high- level employees have each left UBS since 2012 and held positions integral to overseeing the entire region in some way.

Christof Kutscher — Head of the Asia Pacific Region — 2012

Christof Kutscher stepped down from his position as head of the Asia Pacific region at UBS in April of 2012, after 11 years at the company.57

Asian Investor reported, “[t]he long serving CEO of UBS Global AM’s Asia Pacific business is stepping down after leading the firm to a top tier position in the region.”58 Not only was Kutscher responsible for managing and developing business and strategic initiatives in the region, he was also a member of the executive committee at UBS GAM, the regional heads committee, and the cross business group Asia Pacific Management committee.59

Kutscher had a variety of high level roles at UBS GAM during his time at the firm, and his departure was followed by two other high-level staff in the Asia Pacific region. Kutscher reported to UBS GAM Chairman John Fraser, who left the firm in January this year.60

Kai Sotorp — Head-CEO Asia Pacific and Member of Executive Committee — 2011 and 2014 Sotorp left UBS in 2011, returned in 2012, and Kai Sotorp was Head-CEO Asia Pacific, Member of Executive departed again in June Committee and then later Group Managing Director in Hong Kong, resigned in June 2014, two years after Kutscher.61 Sotorp oversaw 2014 as CEO of the Asia Pacific Region.

6 $120 billion in assets and almost 500 employees at the time of his departure.62 Sotorp moved to Manulife where he now oversees over $273 billion.63 Sotorp reported directly to UBS Chairman John Fraser, who left the firm64 earlier this year.65

Warren Thomson of Manulife had high praise for Sotorp, saying “Kai is a proven business leader with extensive global experience in wealth and asset management,” he continued, “Kai’s exemplary track record and international experience make him the ideal candidate to drive this business to its highest potential.”66

Sotorp held several important positions during his time at UBS. In addition to his position as head of asset management for Asia Pacific, Sotorp was head of Americas between 2002 and 2004.67 Sotorp left UBS in 2011, returned in 2012,68 and departed again in June 2014.

John Fraser — Chairman and Former CEO — 2015

John Fraser left his position as Chairman at UBS GAM in January 2015.69 Fraser was appointed Treasury Secretary in Australia late in 2014, he accepted the role and resigned his post at UBS.70 Fraser also chaired several other UBS entities in Australia and internationally, he was also CEO of UBS GAM from 2001 to 2013.71

Fraser had high praise for those who reported to him, including Kai Sotorp and Christof Kutscher, who both left the firm in the two years preceding Fraser’s own departure. In a press release, Fraser stated that it “is testament to the global depth and strength of our leadership team that we have individuals such as Kai and Christof to drive the next stage of growth for our businesses in the Americas and Asia Pacific.”72

Questions:

• What percent of the SMA personnel have departed since 2011? • How might the recent departure of key personnel alter how assets are managed? • What is the difference in experience between those who left and those who took their place? • How might the recent departures of high level personnel affect investor’s assets? • How many employees left to follow their leaders to a new firm? • What is the effect of high-level turnover in specific regions like Asia-Pacific?

7 APPENDIX I – Recent UBS Departures since 2011, Details. 1

Years of Industry Departure Experience Name Title Start Date at Departure Aaron Balsam CFA Asset Allocation Analyst, Director 1999 7/22/2011 12 Jose Blanco Regional Chief Investment Officer, EMEA 1990 01/04/2014 24 Roman Boner European Small/Mid Cap Equities, Director 1996 9/30/2012 16 Drew Carrington CFA, Head of DC and Retirement Solutions, Managing Director1990 5/31/2012 22 Yit Mee Cheah Portfolio Manager, Global Emerging Markets and Asia Pacific1989 09/30/2014 25 Joshua Chisari Growth Equities, Executive Director 1993 10/7/2011 18 Thomas Cole CFA, Head of North American Equities, Managing Director 1983 3/31/2012 29 Paul Graham CFA, Head of Growth Investors, Managing Director 1987 1/2/2014 27 Saaverio Console US Large Cap Growth, Executive Director 1997 4/3/2013 16 Bruno Heusser Senior Portfolio Manager 1992 10/10/2011 19 Christian Jochum Head of Economic Research Managing Director 1999 10/23/2011 12 Bob Jolly CFA, Global Fixed Income, Sr. Currency Portfolio Mgr 1982 9/2/2011 29 Lawrence Kemp CFA Head of Large Cap Growth Equities, Managing Director 1986 12/31/2012 26 Konstantin Leidman CFA Portfolio Manager 2001 5/14/2012 11 Raphael Luescher CFA Director 2002 12/31/2013 11 Joanna Mak CFA CFA, Research Analyst, Global Emerging Markets and Asia Pacific2007 5/31/2013 6 Frank Manduca Head of European Smaller Companies, Managing Director 1986 3/21/2013 27 Bryce McKerrell Associate Director 2007 6/14/2013 6 Neil Mears Global Equity - Concentrated Alpha, Managing Director 1978 2/1/2011 33 Nicholas Melhuish Head of Global Equities, Managing Director 1992 4/20/2012 20 Sacha Mirza Associate Portfolio Manager 2006 6/30/2013 7 Wendy Nickerson --- 1997 5/31/2013 16 Joe Nowinski Senior Investment Analyst 1999 03/29/2013 14 Katherine Palmer Executive Director 1996 5/17/2013 17 Pat Palmieri CFA, Canadian Fixed Income, Managing Director 1983 2/4/2013 30 Jan Peterhans CFA, Head of SRI, Executive Director 1996 07/31/2012 16 Mark Powers Head of UK Value Equities 1984 11/30/2012 28 David Ric Portfolio Manager 2001 12/31/2012 11 Jeriel Rivera Global Equity, Director 2002 7/27/2012 10 George Rooney CFA, Quantitative Equities, Managing Director 1988 1/31/2012 24 Ron Schwarz CFA, Portfolio Manager 1992 05/31/2013 21 Peter Simmons CFA Global Fixed Income- Executive Director 1995 05/31/2012 17 Alix Stewart --- 1994 05/31/2012 18 Justin Tabellione --- 1997 1/25/2013 16 Bill Talbot CFA, Head of Small Cap Core & Value Equities, Managing Director1987 3/29/2013 26 Phillip Torres Head of Absolute Return Oriented Strategies 1995 11/21/2011 16 Robert Turner Director 1981 7/1/2013 32 William Weng Other, Head of Quantitative Equities, Managing Director 1999 06/30/2011 12 Vincent Willyard CFA, Head of International Growth Equities, Managing Director1994 06/30/2013 19 Thomas Wu CA, Associate Director 2003 8/2/2013 10 Cary Yeung CFA, CPA, Portfolio Manager 2000 5/31/2012 12 Sean Lytle Head Of Americas managing director 1992 6/1/2015 23 Lowell Yura All Asset allocation in US. Currency strategy GIS. 1990 7/1/2014 24 John Fraser Chairman of GAM 1993 1/1/2015 22 Christof Kutscher Head Asia Pacific and GMD 1993 4/1/2012 19 Kai Sotorp Head-CEO Asia Pacific and Member of Executive 1989 6/1/2014 25 TOTALS: 874

1 Information from Evestment, news reports of departures, and press releases.

8 Appendix II – UBS Global Asset Management – Separate Account Professionals: Turnover Totals. 2

2 Evestment. UBS Global Asset Management. Professional Turnover Since 2011. Accessed online June 2015.

Endnotes

1 Evestment. UBS Global Asset Management as of March 31, 2014. Accessed June 2015. 2 UBS. ”2014 UBS US Resolution Plan: Public Section”. P 6. July 2014. Accessed Online June 2015. http://www. federalreserve.gov/bankinforeg/resolution-plans/ubs-1g-20140701.pdf 3 UBS. ”2014 UBS US Resolution Plan: Public Section”. P 6. July 2014. Accessed Online June 2015. http://www. federalreserve.gov/bankinforeg/resolution-plans/ubs-1g-20140701.pdf 4 UBS. Form ADV Part 2A, Firm Brochure. UBS Global Asset Management (Americas) Inc. March 31, 2015. P 5., P 17. Accessed online June 2015. https://www.ubs.com/us/en/asset_management/ financial_advisors/fa_managed_accounts/_jcr_content/par/linklist/link_2.332740351.file/ bGluay9wYXRoPS9jb250ZW50L2RhbS9pbnRlcm5ldGhvc3RpbmcvdXNfbGlicmFyeS9lbi9tYW5hZ2VkL2Z vcm0tYWR2LXBhcnQtMmEucGRm/form-adv-part-2a.pdf 5 See Appendix II for details. Information on departures comes from Evestment’s Separate Account monitoring service and news stories. Evestment states; “eVestment and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions.”. 6 Pensions & Investments Research Center. Money Manager Ranking Data. Accessed online June 2015. http:// researchcenter.pionline.com/rankings/money-manager 7 Pensions & Investments Research Center. Money Manager Ranking Data. Accessed online June 2015. http:// researchcenter.pionline.com/rankings/money-manager 8 Evestment. TIAA-CREF Asset Manager as of March 31, 2014. Professional Turnover. Total departures 2011 – 2015. Accessed online June 2015. 9 Pensions & Investments Research Center. Money Manager Ranking Data. Accessed online June 2015. http:// researchcenter.pionline.com/rankings/money-manager 10 Evestment. Aberdeen Asset Management as of March 31, 2014. Professional Turnover. Total departures 2011 -2015. Accessed online June 2015. 11 ATRS Minutes. November 15, 2012. Accessed online June 2015. https://www.artrs.gov/BoardMinutes/ Minutes2012/A03A_11_15_12_BOT_Minutes.pdf 12 Kevin Olsen. “Arkansas Teachers pension fund drops UBS for global equity”. Pensions & Investments. November 16, 2012. Accessed online June 2015. http://www.pionline.com/article/20121116/ONLINE/121119932/arkansas- teachers-pension-fund-drops-ubs-for-global-equity 13 ATRS Minutes. November 15, 2012. Accessed online June 2015. https://www.artrs.gov/BoardMinutes/ Minutes2012/A03A_11_15_12_BOT_Minutes.pdf 14 ATRS Minutes. November 15, 2012. Accessed online June 2015. https://www.artrs.gov/BoardMinutes/ Minutes2012/A03A_11_15_12_BOT_Minutes.pdf 15 ATRS Minutes. November 15, 2012. Accessed online June 2015. https://www.artrs.gov/BoardMinutes/ Minutes2012/A03A_11_15_12_BOT_Minutes.pdf 16 Kevin Olsen. “Arkansas Public Employees goes with Baillie Gifford for international equity”. Pensions & Investments. November 14, 2013. Accessed online June 2015. http://www.pionline.com/article/20131114/ ONLINE/131119933/arkansas-public-employees-goes-with-baillie-gifford-for-international-equity

9 17 APERS Minutes. May 15, 2013. Accessed online June 2015. http://www.apers.org/docs/Board_minutes/BM051513. pdf 18 APERS Minutes. May 15, 2013. Accessed online June 2015. http://www.apers.org/docs/Board_minutes/BM051513. pdf 19 APERS Minutes. May 15, 2013. Accessed online June 2015. http://www.apers.org/docs/Board_minutes/BM051513. pdf 20 APERS Minutes. July 20, 2011. Accessed online June 2015. http://www.apers.org/docs/Board_minutes/BM072011. pdf 21 Milliman. Performance Analysis Report for MCERA. For the Period Ending December 31, 2012. P 7. Accessed online June 2015. http://www.co.merced.ca.us/DocumentCenter/Home/View/5683 22 MCERA Minutes. May 23, 2013. Accessed online June 2015. http://www.co.merced.ca.us/DocumentCenter/Home/ View/5935 23 MCERA Minutes. May 23, 2013. Accessed online June 2015. http://www.co.merced.ca.us/DocumentCenter/Home/ View/5935 24 SEC. The UBS Funds. UBS International Equity Fund. Prospectus Supplement. June 28, 2013. Accessed online June 2015. http://www.sec.gov/Archives/edgar/data/886244/000145079113000144/ief.htm 25 Minnesota SBI. Investment Advisory Council Meeting Minutes. May 16, 2013. Accessed online June 2015. http:// mn.gov/sbi/meetingminutes/iacmin2013may16.pdf 26 Minnesota SBI. Annual Report 2012. P 14. Accessed online June 2015. http://mn.gov/sbi/ publications/2012AnnualReport.pdf 27 Minnesota SBI. Investment Advisory Council Meeting Minutes. P 3. May 16, 2013. Accessed online June 2015. http://mn.gov/sbi/meetingminutes/iacmin2013may16.pdf 28 Pensions & Investments “Pennsylvania Municipal Retirement signs Delaware Investments for equities”.. July 16, 2013. Accessed online June 2015. http://www.pionline.com/article/20130716/ONLINE/130719922/pennsylvania- municipal-retirement-signs-delaware-investments-for-equities 29 Pennsylvania Municipal Retirement System. “Board Fine Tunes Asset Allocation & Prepares for the Future”. May 17, 2013. Accessed online June 2015. http://www.pmrs.state.pa.us/publications/newsreleases/2013/ FineTuneAssetAlloc.html 30 Pennsylvania Municipal Retirement System. “Board Fine Tunes Asset Allocation & Prepares for the Future”. May 17, 2013. Accessed online June 2015. http://www.pmrs.state.pa.us/publications/newsreleases/2013/ FineTuneAssetAlloc.html 31 Evestment. UBS Global Asset Management Company information. Accessed June 2015. 32 Evestment. UBS Global Asset Management Company information. Accessed June 2015. 33 Macquarie Website. Newsroom. “Delaware Investments appoints Shawn Lytle as President”. March 16, 2015. Accessed online June 2015. http://www.macquarie.com/us/about/newsroom/2015/delaware-president 34 John Kehoe. “ poaches UBS exec Lytle to lead US asset manager Delaware”. Financial Review Accessed may 2014. http://www.afr.com/business/banking-and-finance/investment-banking/macquarie-group- poaches-ubs-exec-lytle-to-lead-us-asset-manager-delaware-20150317-1m0qt9 35 John Kehoe. “Macquarie Group poaches UBS exec Lytle to lead US asset manager Delaware”. Financial Review Accessed may 2014. http://www.afr.com/business/banking-and-finance/investment-banking/macquarie-group- poaches-ubs-exec-lytle-to-lead-us-asset-manager-delaware-20150317-1m0qt9 36 Fund Forum USA Website. “Keynote Speakers: Shawn Lytle. UBS GLOBAL ASSET MANAGEMENT. Accessed online June 2015. http://www.fundforumusa.com/page/speaker/id/shawn-lytle_ubs-global-asset-management 37 Brett Philbin. “UBS Names Shawn Lytle Head Global Asset Management Americas”. ADVFN. 38 Macquarie Website. Newsroom. “Delaware Investments appoints Shawn Lytle as President”. March 16, 2015. Accessed online June 2015. http://www.macquarie.com/us/about/newsroom/2015/delaware-president 39 Evestment. UBS Global Asset Management Company information. Accessed June 2015. 40 Silvia Sciorilli Borrelli. “Credit Suisse bolsters multi asset range with global income fund”. October 31, 2014. CityWire Global. Accessed online June 2015. http://citywireglobal.com/news/credit-suisse-bolsters-multi-asset- range-with-global-income-fund/a781041#i=1 41 Swiss Finance Institute. 2010 Financial Asset Management and Engineering Program (FAME). P. 8. Accessed Online June 2015. http://www.swissfinanceinstitute.ch/brochure_cfame.pdf 42 Fund Forum 2005 Brochure. Jose Blanco Speaker Description. Accessed Online June 2015. http://www.edhec-risk. com/events/EDHEC_Events/Event.2005-04-22.2740/attachments/fund%20forum%202005%20brochure.pdf 43 John Evans. “Credit Suisse said poised for top UBS hire”. January 10, 2013. TheWealthNet. Accessed online June 2015. https://www.thewealthnet.com/page_printable.php?articleid=43421 44 LinkedIn. Lowell Yura. Accessed Online June 2015. https://www.linkedin.com/pub/lowellyura/ 8/24/6a8 45 UBS. Presentation. Accessed online June 2015. http://slideplayer.com/slide/248353/#

10 46 BMO Global Asset Management. “BMO Global Asset Management Expands U.S. Investment Team with Three New Hires”. July 30, 2014. Accessed online June 2015. http://www.bmo.com/gam/pdf/press-release/Press%20 Release%20-%20BMOGAM-Expands%20US%20Investment%20Team%20with%20Three%20New%20Hires.pdf 47 BMO Global Asset Management. “BMO Global Asset Management Expands U.S. Investment Team with Three New Hires”. July 30, 2014. Accessed online June 2015. 48 Katie Holliday. “UBS’s top-performing US manager resurfaces at BlackRock”. Investment Week. November 22, 2012. Accessed online June 2015. http://www.investmentweek.co.uk/investment-week/news/2226571/ubss-top- performing-us-manager-resurfaces-at- 49 Alexis Leondis and Christopher Condon. “BlackRock Hires UBS’s Kemp in Push to Boost Stock Funds”. Bloomberg. November 21, 2012. Accessed Online 2015. http://www.bloomberg.com/news/articles/2012-11-21/blackrock-hires- ubs-s-kemp-in-push-to-boost-stock-funds 50 Alexis Leondis and Christopher Condon. “BlackRock Hires UBS’s Kemp in Push to Boost Stock Funds”. Bloomberg. November 21, 2012. Accessed Online 2015. http://www.bloomberg.com/news/articles/2012-11-21/blackrock-hires- ubs-s-kemp-in-push-to-boost-stock-funds 51 Katie Holliday. “UBS’s top-performing US manager resurfaces at BlackRock”. Investment Week. November 22, 2012. Accessed online June 2015. http://www.investmentweek.co.uk/investment-week/news/2226571/ubss-top- performing-us-manager-resurfaces-at-blackrock 52 Emily Blewett. “Star US manager leaves UBS”. CityWire Global. November 13 2012. Accessed online June 2015. http://citywireglobal.com/news/star-us-manager-leaves-ubs/a634157 53 Philip Haddon. “UBS fund managers’ performance revealed for first time”.CityWire. June 14, 2010. Accessed online June 2015. http://citywireglobal.com/news/ubs-fund-managers-performance-revealed-for-first-time/a405064 Emily Blewett. “Star US manager leaves UBS”. CityWire Global. November 13 2012. Accessed online June 2015. http://citywireglobal.com/news/star-us-manager-leaves-ubs/a634157 54 Lena Tsymbaluk. “The new management team is yet to prove themselves.” Morning Star. December 2, 2014. Accessed online June 2015. http://analysisreport.morningstar.com/fund/research/c-report?t=GB00B3D8MV69®ion=gbr&culture=en- US&productcode=MLE&cur= 55 Lena Tsymbaluk. “The new management team is yet to prove themselves.” Morning Star. December 2, 2014. Accessed online June 2015. http://analysisreport.morningstar.com/fund/research/c-report?t=GB00B3D8MV69®ion=gbr&culture=en- US&productcode=MLE&cur= 56 Chris Sloley. “Ex-UBS US equity manager joins boutique”. CityWire. June 26, 2013. Accessed online June 2015. http://citywireglobal.com/news/ex-ubs-us-equity-manager-joins-boutique/a688005 57 Mohammad Wamique. “Report: UBS global asset management exec leaves “. SNL European Financials Daily. March 23, 2012. Accessed through Westlaw June 2015. 58 Jame DiBiasio. “Christof Kutscher leaves UBS Global Asset Management”. Asian Investor. March 22, 2012. Accessed online Just 2015. http://www.asianinvestor.net/News/294652,christof-kutscher-leaves-ubs-global-asset- management.aspx 59 World Knowledge Forum. Speaker information Christof Kutscher. Accessed online June 2015. http://www. wkforum.org/WKF/speakers/viewspeaker_2007_e.php?lecturer_code=2175&year=2007&kbn=yensa 60 PR Newswire. “UBS Appoints Kai Sotorp to Lead UBS Global Asset Management in the Americas”. April 19, 2004. Accessed online June 2015. http://www.prnewswire.com/news-releases/ubs-appoints-kai-sotorp-to-lead-ubs- global-asset-management-in-the-americas-72463197.html 61 LinkedIn. Kai Sotorp. Work History. Accessed Online June 2015. https://www.linkedin.com/pub/kai- sotorp/41/656/b4b 62 Craig Giammona and Katia Dmitrieva. “Manulife Hires UBS’s Sotorp to Oversee $273 Billion”. Bloomberg Business. May 20, 2014. Accessed online June 2015. http://www.bloomberg.com/news/articles/2014-05-20/manulife-hires- ubss-sotorp-to-oversee-273-billion 63 Craig Giammona and Katia Dmitrieva. “Manulife Hires UBS’s Sotorp to Oversee $273 Billion”. Bloomberg Business. May 20, 2014. Accessed online June 2015. http://www.bloomberg.com/news/articles/2014-05-20/manulife-hires- ubss-sotorp-to-oversee-273-billion 64 Dennis Shanahan. “Banker John Fraser takes Treasury secretary role”. December 18, 2014. The Australian. Accessed online June 2015. http://www.theaustralian.com.au/national-affairs/politics-news/banker-john-fraser-takes- treasury-secretary-role/story-fn59nqld-1227148548468 65 . “UBS rehires Sotorp as head of asset management for Asia Pacific”. August 30, 2012. Accessed online June 2015. http://in.reuters.com/article/2012/08/30/ubs-asset-hire-idINL4E8JU2ZP20120830

11 66 Manulife. News Releases. “Manulife Appoints Kai Sotorp as President and CEO of Manulife Asset Management and EVP and Global Head, Wealth and Asset Management” May 20, 2014. Accessed online June 2015. http:// manulife.com/public/news/detail/0,,lang=en&artId=147863&navId=630002,00.html 67 Reuters. “UBS rehires Sotorp as head of asset management for Asia Pacific”. August 30, 2012. Accessed online June 2015. http://in.reuters.com/article/2012/08/30/ubs-asset-hire-idINL4E8JU2ZP20120830 68 Reuters. “UBS rehires Sotorp as head of asset management for Asia Pacific”. August 30, 2012. Accessed online June 2015. http://in.reuters.com/article/2012/08/30/ubs-asset-hire-idINL4E8JU2ZP20120830 69 Dennis Shanahan. “Banker John Fraser takes Treasury secretary role”. December 18, 2014. The Australian. Accessed online June 2015. http://www.theaustralian.com.au/national-affairs/politics-news/banker-john-fraser-takes- treasury-secretary-role/story-fn59nqld-1227148548468 70 Dennis Shanahan. “Banker John Fraser takes Treasury secretary role”. December 8, 2014. The Australian. Accessed online June 2015. http://www.theaustralian.com.au/national-affairs/politics-news/banker-john-fraser-takes- treasury-secretary-role/story-fn59nqld-1227148548468 71 Dennis Shanahan. “Banker John Fraser takes Treasury secretary role”. December 8, 2014. The Australian. Accessed online June 2015. http://www.theaustralian.com.au/national-affairs/politics-news/banker-john-fraser-takes- treasury-secretary-role/story-fn59nqld-1227148548468 72 PR Newswire. “UBS Appoints Kai Sotorp to Lead UBS Global Asset Management in the Americas”. April 19, 2004. Accessed online June 2015. http://www.prnewswire.com/news-releases/ubs-appoints-kai-sotorp-to-lead-ubs- global-asset-management-in-the-americas-72463197.html

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