约翰·弗雷泽不是一个半途而废的人，尽管他对这件事有过三思而后行是可以原谅的。两年前，在瑞银时任首席执行官彼得•伍夫利（Peter Wuffli）的敦促下，瑞银全球资产管理（UBS Global Asset Management）总裁同意推迟他计划于2007年底退休的计划，以引导这位巨资管理公司度过经济低迷和业绩不佳的艰难时期。从那时起，这家瑞士最大的银行及其资产管理部门的财富急剧下降，即使在当今全球银行体系普遍存在的混乱局面中，也令人震惊。
瑞银集团加大了马美国抵押贷款的风险敞口rket just before the housing crisis erupted, and it has paid a steep price: The bank posted a record Sf19.7 billion ($16.8 billion) loss in 2008 and was forced to turn to the Swiss National Bank for a $6 billion capital injection. It also had to off-load as much as $60 billion in illiquid securities into a fund set up by the central bank. Compounding the damage to its reputation, UBS last month admitted to having helped hundreds of wealthy Americans evade U.S. income taxes by setting up private banking accounts in Switzerland. The bank agreed to pay $780 million in fines and turn over details of roughly 250 American clients suspected of tax fraud to U.S. authorities in a settlement with the U.S. Department of Justice and the Securities and Exchange Commission.
在戏剧性的尝试中，将这些历史性错误放在银行背后，瑞银董事会上个月已故的奥斯瓦尔德Gruebel，一位退伍军人瑞士银行家和克罗斯敦竞争信贷信贷集团的前任首席执行官，将作为辞职的Marcel Rohner担任首席执行官工作中只有19个月。本月初，彼得克勒的董事长们表示，他不会在掌舵处只有一年的重复抵抗;瑞银提出了一位前瑞士金融部长的Kaspar Villiger，作为他的继任者。
The changes were the latest in a series of major management shake-ups at the bank as a result of the losses, including the July 2007 departure of Wuffli, who had presided over the disastrous expansion of the bank’s U.S. mortgage exposure, and the April 2008 resignation of chairman Marcel Ospel, who had overseen the rise of UBS as a global investment banking and wealth management powerhouse over the previous 15 years.
In a statement to the bank’s staff, Gruebel promised to work diligently to regain the trust of clients but warned that “further substantial cost reductions will be inevitable” to restore profitability. The investment banking division alone has already slashed 6,000 jobs, or about one quarter of its workforce. “We will have to continue to adapt the business model to the changing environment, return to an adequate profit level in the investment bank as well as further enhance profitability in other areas,” he said.
投资者欢迎Gruebel的任命，并在宣布当天获得瑞银的股票16％。The executive is untarnished by UBS’s woes and comes with a proven track record as a turnaround artist, having helped restore Credit Suisse’s profitability as co-CEO and then as sole chief executive from 2003 to 2007. “It’s all about confidence,” says Adrian Darley, head of European equities at £75 billion ($105 billion)-in-assets Ignis Asset Management in London, part of life insurer Pearl Group. “If UBS can get through the year without big outflows and without further holes in its balance sheet, investors will be more willing to buy the stock.” Darley says he has recently started adding UBS shares to his portfolio but is still underweight the stock.
但格鲁贝尔在瑞银面临的挑战远比他以前遇到的任何挑战都要艰巨。该集团的投资银行业务、财富和资产管理业务因次贷损失和美国监管问题而严重受损，后者的问题远未得到解决。就在瑞银与司法部和证交会就这250名客户达成和解协议的一天后，美国司法部要求美国法官强制瑞银披露另外52000名涉嫌利用瑞银账户向美国税务机关隐瞒收入的美国客户的姓名。请求将格鲁贝尔降落在外交雷区。瑞银誓言反对这一要求，认为合规将迫使其违反瑞士有关银行隐私的法律，并进一步侵蚀其私人银行业务的特许经营权。但格鲁贝尔意识到，他的银行必须被视为一个负责任的企业公民，才能重振其业务。”在我们经营的每一个业务领域和市场，我们都必须严格遵守所有法律法规，”他在给银行工作人员的信中说。
在大萧条以来最严重的金融恐慌中，格鲁贝尔还试图恢复银行的盈利能力，他必须在前所未有的公众监督下这样做，这限制了他的回旋余地。对瑞银亏损的愤怒迫使瑞银不仅像大多数竞争对手那样大幅削减高管奖金，而且还采取了一种制度，如果冒险行为导致未来几年亏损，瑞银可以收回此前商定的奖金。因此，Gruebel对一家瑞士报纸表示，该行可能需要2至3年时间才能恢复可持续盈利能力，这并不奇怪。
That timetable comes as no surprise to Fraser. The asset management CEO was already struggling with poor investment performance in many portfolios before the crisis hit. Now UBS’s subprime losses and regulatory difficulties have compounded his woes by undermining what had been one of the group’s greatest strengths: a reputation as one of the premier global brands in financial services. “It will be a tough few years for the industry — and for us,” Fraser tells Institutional Investor. “The UBS reputational issues in the U.S. continue to be a negative factor. It’s not an easy time.”
但弗雷泽是澳大利亚财政部前副秘书，誓言通过。“我从来没有离开战斗，”他在接近英格兰银行的伦敦办事处采访时说。弗雷泽最近几个月满足了客户的得分，让他们与公司保持资金。上个月，他在新加坡，亚太地区和美洲访问了该司办事处，以摇晃士气。“人们希望看到强大的领导力，”他解释道。“我想向保证我对公司完全信心的工作人员。”
The plight of UBS GAM shows how far the bank has fallen, and how much Fraser — and Gruebel — must overcome to get UBS back on track. After taking over as head of the division at the end of 2001, Fraser built UBS GAM into one of Europe’s leading institutional money managers by selling a range of funds, from value and growth equities to alternative investments like hedge funds and real estate. Like many others, he rode rising global stock markets. He also profited from managing roughly one sixth of the massive assets of UBS’s private bank, one of the world’s largest. UBS GAM’s assets under management soared to Sf891 billion at the end of 2007.
过去的一年看到了戏剧性的裁判，随着全球股票和固定收入的关键领域的市场损失和副格返回，造成资产缩小并带领许多客户走出门口。来自瑞银的私人银行业务的流出源于集团的美国，监管问题一直很大。大约45％的UBS GAM资产来自私人银行，2008年净空中的净空外流出，将总资产留出，较前一年前30％。
拉乌尔Weil,前瑞银财富管理ment division, which includes the private bank, relinquished his duties in November pending the resolution of the matter after he was indicted on charges of aiding tax evasion as head of U.S. private banking from 2002 to 2007. Weil, who denies any wrongdoing, was declared a fugitive from justice by U.S. authorities in January. There is speculation that the U.S. investigation may also have played a role in CEO Rohner’s departure. Although he has not been charged in the case, Rohner led the wealth management division and was Weil’s boss from 2002 to 2007, when the alleged tax evasion took place. In a statement UBS denied that Rohner knew about the offshore structures that were used to commit tax fraud. The Swiss Financial Market Supervisory Authority last month said its investigation “did not find any indications that the bank’s top management had any knowledge of violations” of U.S. law.
瑞银广泛的瑞银手淫去年遭受了净空流的呼吸越来越多;2008年底，总资产跌至2008年底，今年下降35％。“外流非常糟糕，”弗雷泽说。他估计，瑞银损失的次级损失和美国法律问题的损害是占去年第三方客户叛逃的60％的“实质性因素”。
That was certainly the case for Western Investment. The Salt Lake City–based activist investment firm sought to oust UBS GAM as adviser to the closed-end Investment Grade Municipal Income Fund early this year. Arthur Lipson, head of the $250 million-in-assets firm, cited concerns about the adviser and the fund’s steep 17.5 percent discount to net asset value. The proxy vote at the fund’s annual general meeting in January was contradictory: Holders voted to approve a new advisory contract between the fund and UBS GAM but also to prohibit UBS from acting as the investment manager. The $134 million fund underperformed the Barclays Capital municipal bond index by 12.4 percentage points last year, posting a loss of 14.9 percent, according to Morningstar.
In September the £3.7 billion ($6.67 billion)-in-assets London Pensions Fund Authority terminated a £219 million absolute-return mandate with UBS GAM after it underperformed its benchmark, the U.K. retail price index, by 8.7 percentage points in 12 months through March 2008. “We were not convinced the product we had could deliver the performance we wanted,” explains Mike Taylor, chief executive of the LPFA.
瑞银在去年的税前利润下降了8％，至SF1.3亿。结果将在第三季度享有私募股权公司Adams Street Partners的少数民族股权的销售少数民族股权的比较较差，也得到了盈利替代投资的费用，占管理层下的9％的资产。该表现比信用瑞士资产管理业务报告的SF111亿税前损失好多，该企业在资产中获得了SF411.5亿。瑞银财富管理部门报告税前收入下降32％，达到SF63亿。
Still, the deteriorating performance has put a cloud over UBS GAM. Some observers believe the bank might be forced to sell all or part of the asset manager to raise capital. They note that Credit Suisse agreed in December to sell its long-only asset management business to the U.K.’s Aberdeen Asset Management for Sf381 million so it could focus on more-profitable alternative investments as well as its Swiss clientele. “There is a question mark over the UBS asset management business in terms of its strategic direction,” says Kian Abouhossein, a banking analyst at JPMorgan Chase & Co. in London. “It would be the easiest business to sell.”
当被问及这种可能性时，弗雷泽说，“我们必须始终保持灵活性”，但他指出，他的业务仍然盈利，消耗的资本相对较少该行强调，资产管理仍是其战略的关键部分，”他补充道。
Gruebel also provided some initial reassurance. “At the moment I see no reason to sell something,” he told the Swiss newspaper Finanz und Wirtschaft after his appointment. At Credit Suisse, Gruebel was the architect of the so-called one-bank strategy that integrated the group’s investment banking, private banking and asset management businesses, suggesting he may pursue a similar goal at UBS. “The expectation is that the Credit Suisse model of an integrated bank with investment banking and asset management will be the model going forward for UBS,” says Peter Thorne, a London-based financial analyst at Swiss brokerage Helvea.
Gruebel has his work cut out for him. UBS shares have fallen by 68 percent since May, to Sf11.06 at the end of last month, as investors have grown nervous about the bank’s regulatory troubles, investment banking losses and weakness in the once-unassailable wealth and asset management franchises. Standard & Poor’s lowered the bank’s credit rating by one notch, to A+ from AA–, in December, citing concerns about its earning power. “The reputation issues, the outflows and the investment performance will take some time to turn around,” says Richard Barnes, an analyst at S&P in London.
瑞士国民的魏国起诉非常令人尴尬。美国检察官声称，他将跨境私人银行业务称为“有毒废物”，因为它因为盈利而被选择继续。美国客户在检察官索赔中产生约2亿美元的收入。瑞银银行家经常向美国前往美国。通过使用加密笔记本电脑和编号账户等涉及诸如加密笔记本电脑和编号的账户来推动瑞士银行保密，以便希望躲避税收。
在一份声明中，威尔的律师表示，他的客户的起诉书没有被驳回，因为瑞银与美国当局的结算的一部分。“先生。Weil是美国和瑞士对瑞士银行保密的政治纠纷的无辜受害者，“律师亚伦马尔库·布鲁克州·迪尔队的亚伦玛库补充道。
Last month UBS announced a reorganization of the wealth management division to separate the Americas unit from the rest of the private bank. Marten Hoekstra, a former broker at Paine Webber Group, which UBS acquired in 2000, will lead the Americas business; Franco Morra, former head of the private bank in Europe, will run the Swiss wealth management business; and Juerg Zeltner, a former regional manager in northern Europe, is heading the private bank outside Switzerland and the Americas.
在瑞银游戏中，弗雷泽已经让人们倾向于触及其性能差的差价。自2001年以来，他取代了16人执行委员会的14名成员，只留下了他自己和加布里埃尔·赫拉雷拉，欧洲业务负责人。
Fraser has also sought to return UBS GAM to its roots by creating independently run units, almost like boutiques, to manage areas such as global equities, fixed income and alternatives. In effect, he has reversed some of the work he did earlier this decade when he integrated asset management into a single, global platform and eliminated two of the business’s key nameplates, Chicago-based Brinson Partners and London-based Phillips & Drew.
弗雷泽没有计划恢复旧品牌，但会试图定位瑞银的增长投资者单位，这些投资者统计专注于美国和全球增长股，作为一个更独特的司，将其与集团的价值组合区分开来。他争辩说，在精品般的操作中弥补，激励和监控性能更容易。“我想为个人企业提供自由裁量权，”他说。
判断变化的成功是太快的，但早期迹象令人鼓舞。瑞银的瑞士州瑞银的说法，瑞银在资产上大约25亿美元的资产，优于2008年的收费总额，优于0.21个百分点。这三年到12月，资金落后于基准，显示年平均损失9.39％，而基准的亏损8.1％。欧洲股权基金在12月底的资产中，2008年下降了42.21％，并击败了他们的基准，费用总额为1.08个百分点。然而，在三年内，他们表现不佳，年平均损失为12.56％，与基准的11.07％下降相比。
总体而言，瑞银GAM 52%的资产来自欧洲、中东和非洲的客户，38%来自美洲，10%来自亚太地区。约21%的资产投资于固定收益，20%投资于股票，21%投资于货币市场基金，22%投资于资产配置、货币和风险管理产品，9%投资于另类产品，7%投资于房地产。
由瑞士联盟银行的250亿美元合并，总部设在苏黎世，瑞士银行公司1997年12月，瑞士银行公司组成。瑞士联盟银行逃往苏黎世的资产管理业务并获得了伦敦的基础1985年的经纪和价值风格的资产经理Phillips＆Draw.SBC在1990年收购时，1990年代迅速增长：一是1995年的7.5亿美元购买基于芝加哥的价值为本的资产经理Brinson Partners。
合并瑞银最初维护了布里斯顿，菲利普斯和瑞士资产管理作为自主单位。但通过转向技术部门来遭受的价值风格基金经理，他们被视为泡沫。UBS在2000年第一季度看到价值210亿美元的任务。然后，Wuffli然后ran ran ran ran rane，通过制定计划将业务共同携带，并沟通Brinson和Phillips＆Drew名称。在他能执行该计划之前，他于2001年12月被担任瑞银集团的首席执行官，并将弗雷泽担任瑞银游戏的首席执行官。
弗雷泽不是一个挑战。在20世纪20年代末，弗雷泽在20世纪20年代末失去了麦田的农民的后裔，在20世纪20年代末，在墨尔本长大，他的父亲作为一家家庭拥有的建筑公司的会计师。弗雷泽的父亲对他的无力升起的是，他无法崛起，弗雷泽的父亲鼓励他的儿子在公务员中开始职业生涯。
弗雷泽于18岁到堪培拉的飞机上的第一次飞行，申请澳大利亚财政部的保存室。He was accepted and went off to study economics at Australia’s Monash University, graduating with a first-class honors degree in 1972. On returning to the Australian civil service, he was posted to Washington, first at the International Monetary Fund and then as economic minister at the Australian Embassy. In 1990, at 38, he became the youngest-ever deputy secretary of the Australian Treasury.
1993年，弗雷泽进军私营部门，当时瑞士银行澳大利亚投资银行部门主管韦恩·彼得斯（Wayne Peters）和时任瑞士银行澳大利亚证券业务主管克莱夫·斯坦迪什（Clive Standish）将他招入投资银行SBC Dominguez Barry。一年后，斯坦迪什要求弗雷泽扭转陷入困境的SBC澳大利亚基金管理部门。在重组投资团队，包括招募新的澳大利亚股票部门，并首次进入批发基金管理部门后，弗雷泽在几年内使该部门恢复盈利。
1998年，弗雷泽被评为亚太地区UBS Brinson的业务负责人。他扩展到台湾，并设立了Mitsubishi公司，是日本第一个房地产投资信托的第一个房地产投资信托。
当弗雷泽成功时，Wuffli作为瑞银的头，他继承了一个玷污的特许经营权。由于其对当时的超值哲学遵守，该司遭受了净空中的净空程SF661.1亿。那年税前利润为3.2亿瑞士法郎。他的任命，结合决定融入一个全球平台，引发了两个马奎经理的出发：布林森创始人加里·布林森和菲利普斯和德鲁首席投资官Tony Dye。
“You can’t have someone running an investment organization without the appropriate investment skills,” says Brinson, who today manages his own personal wealth as president of GP Brinson Investments in Chicago. “John knew nothing about investments.”
Fraser completed the reorganization of UBS GAM, and for several years the integrated strategy worked. By 2004 the three-year performance of the firm’s global equity portfolios ranked in the top quartile of their institutional peers, while U.S. equities, European equities and global fixed-income managers all beat their benchmark indexes for the period.
Performance tumbled again, however, in 2006, in the key areas of global equities, European equities and global fixed income.
弗雷泽在过去两年中回应了批发变革，从尼古拉斯 - AppleGate资本管理的全球股票主管前招募尼古拉斯Melhuish，于2007年10月掌管全球股票。“2006年的数量较差，迅速恶化到2007年，“Melhuish说。
Melhuish聘请了汇丰资产管理前高级投资组合经理Nicholas Irish，以全球股权投资组合的“守股票”的“守门人”与他一起工作。他还集中了在伦敦芝加哥和伦敦之间分享的所有主要全球股权战略的管理。由于Melhuish解释了它，分散的决策是“偶然发生的事故”，因为投资组合管理人员没有关于股票选择的彼此通信。他给了组合管理人员对特定部门以及他们之前没有的地区的职责，并在投资组合经理和研究分析师之间设立日常股票会议。“价值风格的投资方法仍然是一样的，”他说，“但新的政权有更严格。”
2006年，弗雷泽招募了伦敦亨德森全球投资者的前固定收益负责人罗伯加比海，作为UBS GAM的固定收入副主管，并在离开后的去年年底促进了他的全球业务负责人他的联合主管，约翰佩尼克。Gambi，一个50岁的澳大利亚和一位经验丰富的山地登山者，他们缩放了珠穆朗玛峰，已经改变了他的经理团队，并加强了他的分析师等级。12月，他聘请了约翰杜根克作为美国和加拿大的固定收入负责人，总部设在芝加哥。Dugenske是欧洲和中东固定收入的前部门，然后是雷曼兄弟控股的一部分，已经重组了新伯格在欧洲的投资过程。Dugenske的工作是Michael Dow，美国债券负责人，他于2007年2月从印第安纳州的山峰资产管理有限公司雇用了更多的自上而下的宏观经济分析。
最近，Gambi扩大了覆盖美国证券化债务的分析师数量，从两组上进行了五个，并介绍了分析证券的新量化屏幕。该公司现在涵盖大约800个单独的证券，以前高于200。UBS GAM有23名学分分析师研究了大约900名发行人，该分析师将冈比德视为竞争企业来管理投资级企业信用基金的重要优势。“我们已经看到了对公司信贷的巨大兴趣激增，”他说。“我们正在开展12多个询问新任务。”
在全球固定收益领域，甘比于2007年3月聘请伦敦Gartmore投资管理公司（Gartmore Investment Management）前货币主管罗伯特•乔利（Robert Jolly）担任高级投资组合经理，专注于货币策略，这是一个新职位。”我们开始从美国和全球固定收入的变化中看到一些积极的结果，”甘比说。
即使他试图修复传统的业务线，弗雷泽一直在扩大到私募股权和基础设施投资等领域。瑞银在10月份推出了其第一基础设施基金，从机构投资者筹集了15亿美元，致力于该基金15年。亚博赞助欧冠弗雷泽计划今年推出第二个这样的基金。
Last spring Fraser poached an active quantitative equities team based in New York from Credit Suisse, led by portfolio manager William Weng. The new team will manage long-only and market-neutral funds as well as short-extension, or 130/30 funds. The team has won no new mandates yet but has three in the pipeline for 2009 and will be “an important part of the business,” says Fraser.
Adding new products remains one way for UBS GAM to reduce its dependency on the group’s wealth management business. In 2004 about 50 percent of the division’s assets came from the private bank; that figure stood at 45 percent at the end of last year.
Fraser承认，在试图产生新的收入时，争取艰苦的斗争。与所有货币管理人员一样，瑞银游戏，面对指挥高费用的需求放缓，例如对冲基金;严重的市场下降，全球经济衰退使所有资金都是一个艰难的卖出。弗雷泽承认过去十年的盈利能力的增长不太可能随时重复。“其中一个问题是，在技术泡沫之后，每个人都在困扰的一点，但没有对他们的商业模式进行大量变化，”他说，在过去的八年里，参考投资者，政府和中央银行的融合。“现在聚会结束了。”
Still, over the long term UBS GAM should be able to generate 10 percent of the group’s overall profits. For new CEO Gruebel, that would be a welcome start.