Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

London asset manager sues UBS

London asset manager sues UBS

Decura IM Investments is suing UBS claiming the Swiss banking giant’s extensive restructuring has been detrimental to the joint venture between the two.

According to the Financial Times, launched in October 2012 and dubbed Project Accelerate, UBS’s restructuring saw it exit a number of businesses and cut some 10,000 jobs.

Decura, founded by former Goldman Sachs partner Vishnal Gupta, is said to have entered into an agreement with UBS to provide managed accounts and ‘algorithmic strategies’ for some of UBS’s investment banking clients.

Decura alleges that UBS’s ‘radical transformation’ had a significant impact on revenue potential as the bank stopped marketing the services.

‘The financial stakes in this dispute are very high, the parties having contemplated annual revenues of circa $200 million once their venture was up and running,' Decura claimed in its legal notification seen by the FT.

In a statement to the paper UBS said: ‘UBS stands by its public statements about Project Accelerate. Project Accelerate has been a great success for the bank, Decura are simply wrong about its effect on this particular contract.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter