UBS to start Private Equity Investing

UBS Global Asset Management is planning to start a private equity investment division before year-end as an offshoot of its Infrastructure Asset Management business. The firm closed its flagship UBS International Infrastructure Fund at $1.5 billion with commitments from institutional investors globally. UBS is planning to commence a second international fund next year and is now marketing a Middle East and North Africa-focused infrastructure strategy. The firm is also looking to invest in Chinese and Latin American infrastructure later next year.