UBS Global Asset Management has restructured, with Paul Bolinowsky adding ‘head of institutional sales’ to his Australasian managing director role, and a longstanding executive who’d been on the verge of departing the firm being retained as his deputy.

After over 14 years with UBS, Danielle Press had been set to amicably depart after June 30, following a short stint in institutional sales preceded by two years in Chicago managing the firm’s hedge fund-of-funds business. However, Bolinowsky said that the difficult market conditions of late made it imperative to keep Press’ wide skill set, which within UBS has also included being an economist and a fixed interest portfolio manager. Press agreed to stay on under the new title of ‘chief administrative officer and deputy head of CRMBD’ – CRMBD denoting client relationship management/business development. “;Danielle’s responsibilities will include the development of a detailed operating and strategic plan for our business, chairing of the risk committee and supervision of client reporting and the assistant account managers,”; Bolinowsky said. He added Press would continue to support several fixed income client relationships, and form a bridge between the distribution team and its external resources in IT, finance and the like. Meanwhile, UBS GAM has appointed Brett Baker as an institutional business developer covering NSW and Queensland, complementing last year’s hire of Roger Prezens for sales in the southern states. Previously at Allco, Baker has also worked offshore and onshore for organisations such as JPMorgan and Dresdner banks in London, and then in Australia at the ASX, Citigroup and Tombella Investments. Bolinowsky foreshadowed the imminent launch of a global growth-oriented strategy to the Australian marketplace, complementing the price-intrinsic value approach traditionally associated with UBS GAM. Two new Australian equity offerings – a 130:30 and a concentrated fund, are also expected later in the year.

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