One of the least surprising announcements of recent times
has been UBS's decision to bring its asset management division
under one name.
The arrival of UBS Global Asset Management, which becomes official
next month, heralds the end of two of the biggest investment names
on either side of the Atlantic: Brinson in North America and
Phillips&Drew in the UK.
Given the regard in which both brands are held in their respective
markets (even taking into account the problems of the mid to late
1990s), it is not a decision UBS has taken lightly. Brinson has
been a powerhouse name in investing since the 1980s when Gary
Brinson led a management buyout of First Chicago and gave the
business his own name. P&D, for its part is one of
longest-standing City institutions. Spun out from the old
stockbroking firm, PDFM rose to become the pre-eminent investment
house in London, sewing up a huge percentage...
