Pierre de Weck, CEO of UBS Capital, UBS' private equity business, will leave the firm at the end of July to pursue other interests.
This follows a UBS announcement that the firm is to postpone the movement of UBS Capital to an affiliated status.
UBS Capital will continue to form part of the UBS Warburg business group, headed by chairman and CEO, Markus Granziol, under whose leadership an interim management team is being appointed.
According to a statement from UBS, challenging short-term conditions for the private equity market make it an inopportune time for the brand-building and fund-raising exercises connected with the launch of a new autonomous management company.
“UBS does not rule out increased autonomy as an appropriate future direction for its private equity business, in order to best capitalise on the expansion opportunities offered through third-party fund raising,” it added.
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