UBS will today mount an extraordinary legal challenge to prevent departing executives from poaching valuable clients, reports The Times.
The embattled Swiss bank is seeking a temporary High Court injunction against Vestra Wealth, a new wealth manager, as well as its founder, David Scott, and four senior fund managers. The fund managers – Duncan Carmichael-Jack, the A-rated stock-picker who ran UBS’s Elite Income fund, David Guild, Neil Pedley and Paul Pollard – are currently on gardening leave from UBS’s wealth management business. Vestra is due to open for business on Monday. Nervous wealth management clients are thought to have left the Swiss bank in droves since it revealed more than $37bn (£18.6bn) of writedowns on str...
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