UBS exec moves to biz development

Tom Madsen, UBS Global Asset Management’s global head of equities, has stepped down from his post to take a business development role, according to published reports. He will help UBS develop its growth equities business in New York and oversee the start up of a quantitative funds business in the U.S. overseas. Mr. Madsen will also lead the equities businesses of the company’s acquisitions in India, South Korea, Brazil and China. John Leonard, a deputy, assume the role of global head of equities. Asset management chairman and chief executive John Fraser is also looking to hire three global equities portfolio managers in London, according to reports. The moves are part of an initiative that will boost performance in global equities.