UBS is planning on making 20 hires at managing director level as part of a strategy to revive its investment banking business amid fierce competition.
The addition of 20 managing directors will primarily be in the US and take place over the next two or three years, Bloomberg reported.
The bank is building the top ranks of the investment bank even as it removes managing directors from its key wealth management business as part of a broad overhaul instigated by new co-head Iqbal Khan.
A managing director position in investment banking is more expensive than sales or trading and the move could could see UBS spending around $50m in fully loaded personnel costs.
In the meantime, UBS has announced it has made a long-term commitment to be the Founding Partner and Lead partner of Art SG.
Art SG is Singapore's new international art fair, which will celebrate its inaugural edition in October 2020 with a roster of established and experimental contemporary art from galleries based in Singapore, Southeast Asia and across the globe.
Raising the bar for art fairs in Southeast Asia, the arrival of ART SG will provide the latest jumping off point for collectors and art lovers to learn more about the local art scene in Singapore, as well as experiencing the best international artworks travelling to the fair. With an ambition to bring together around 70 leading galleries, ART SG will add to Singapore's vibrant cultural landscape and provide a unique mix of gallery presentations as well as programmed events.
Art SG has already attracted significant interest from galleries worldwide, according to the UBS press release, and a strong series of applications has been received for the first edition of the fair. All applications are currently under review by the ART SG Selection Committee, which comprises of industry experts from Sean Kelly Gallery, Victoria Miro, TKG+, Sullivan & Strumpf, and Richard Koh Fine Art.
Edmund Koh, president, Asia Pacific, UBS, said: "We are delighted to be the Founding and Lead Partner of this exciting new Art Fair. ART SG is a unique opportunity to develop a world class art fair in Singapore. The Fair has a strong management team with a proven track record, so we are confident ART SG will be successful in tapping into Southeast Asia's growing appreciation for Contemporary Art."
UBS has a long history of supporting contemporary art and artists. The Swiss bank has one of the largest and most important corporate art collections in the world.