UBS loses prime brokerage head

Richard Johnston resigns.

Richard Johnston, head of Asia Pacific equity finance at UBS, has just resigned after 11 years with the firm in Asia. Johnston plans to enjoy a few months of holiday and adventure after which he may consider rejoining the hedge fund industry, although he expects that this will not be on the sales side.

Be nice to me, says Johnston in an internal farewell memo to his UBS colleagues, I may reappear as your client one day.

UBS is expected to announce Johnston's successor next week. Johnston predicts the firm will fill the position internally, although he declined to comment on who the likely candidate would be. Competitors say Johnston's...

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