UBS hires Morgan Stanley Smith Barney alternatives specialist

Jerry Pascucci, the chief investment officer for alternative investments at Morgan Stanley Smith Barney, is joining the U.S. wealth management unit of UBS AG to run alternatives for high-net-worth clients.
SEP 15, 2010
Jerry Pascucci, the chief investment officer for alternative investments at Morgan Stanley Smith Barney, is joining the U.S. wealth management unit of UBS AG to run alternatives for high-net-worth clients. “In our current economic environment, the demand for investment strategies that reduce risk and diversify portfolios — particularly among high-net-worth clients — has never been greater,” according to an internal memorandum announcing Mr. Pascucci's hire that was circulated by John Brown, UBS' head of wealth management solutions and Mike Perry, head of wealth management advice and platforms. “To help these clients meet their investment goals, it is critical that we develop a robust alternative investments platform.” UBS Wealth Management hadn't previously had a dedicated head of its alternatives business, spokesman Kris Kagel wrote in an e-mail. Mr. Pascucci, who will join UBS Sept. 7, will report to Mr. Perry. A key part of Mr. Pascucci's expertise is in situating hedge funds and other alternative investments as part of a cohesive investment strategy, the memo said. It also highlighted his “demonstrated ability” to train and provide responsive service to financial advisers, it said. At MSSB, Mr. Pascucci managed all the retail brokerage giant's alternative investment portfolios, the memo said. Morgan Stanley spokeswoman Christine Pollak confirmed Mr. Pascucci's departure. She said his primary responsibility of managing the firm's alternatives portfolios had been turned over earlier this year to an investment management committee. Mr. Pascucci has almost 20 years of experience, including a stint as president of Citigroup Inc.'s commodity mutual fund business, the memo said.

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