Hedge Fund Manager Quits Because UBS Health Uncertain

Reach Capital's Nigel Hart stopped managing a fund and returned investments back to investors saying that the health of UBS's UBS Wealth Management business is in severe question, writes Business Insider. In his letter to find investors, Hart wrote, ""It is apparent to us that UBS does not have the marketing resources or organizational structure to generate asset growth in the foreseeable future. This was confirmed at our meeting last Friday. "The uncertainty regarding the future of UBS wealth management business extends beyond the scope of a reasonable time horizon for us." That doesn't sound good to me, and certainly not for the health of the business going forward.