UBS Sells Alternative Fund Services Business, Will Enhance Focus On Wealth Management

The move is the latest by the Swiss banking giant towards improving profitability by refocusing its business model around its cornerstone wealth management business. As a part of UBS's Global Asset Management division, the AFS business provides professional services for hedge funds, funds of hedge funds, private equity and real estate structures. While financial details of the deal were not revealed, the unit is rumored to be for as much as 30 billion yen ($240 million). The sale, which is expec...