UBS mulls post-merger AM overhaul in Australia
The bank may create a multi-boutique set-up after its acquisition of ING IM Australia. But Grant Bailey of ING IM denies the sale is part of plans to cut back in the region.
UBS Global Asset Management's purchase of ING Investment Management's Australian arm, announced last week, will further strengthen the Swiss firm's Asia-Pacific business. It will also bring ING another step closer to the planned IPO of its European and Asian insurance units.
If the deal closes in October as planned, it will more than double UBS Global AM Australia's assets under management to A$62 billion ($67 billion), from A$28 billion, and help the firm bounce back from an unde…
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