David Gray, Asia Pacific head of prime brokerage at UBS, has left the firm.
David Gray, Asia Pacific head of prime brokerage at UBS, has left the firm. UBS was last year ranked third largest APAC prime broker, based on number of mandates won, behind Goldman Sachs and Morgan Stanley. Gray was appointed to head up prime services in the region in March 2007, having been with the firm since 1994. It’s unclear as to why he left, or what his plans entail. He is to be replaced by ex-Nomura global head of prime services, Tim Wannenmacher, who left the firm at the end of 2010. Wannenmacher was head of prime brokerage Asia at Lehman Bros before the firm was acquired by Nomura in 2008. Following the merger of the two units, he became co-global head of Nomura’s prime services business with Gunner Burkhart. Commenting on his appointment an internal UBS memo said: “Tim brings with him a wealth of experience and was instrumental in building out the prime services business for both Lehman and then Nomura in terms of revenue, product and breadth of coverage.”
