06/15/2011

Amlicke Takes Helm of UBS’ Funds of Funds

Bruce Amlicke is back atop UBS’ giant fund-of-funds business.

Effective July 1, Amlicke takes over as global head and co-chief investment officer of a newly formed group that combines three previously autonomous multi-manager units: Alternative Investment Solutions, headquartered in Stamford, Conn.; Alternative Funds Advisory Group, a Zurich-based operation; and a third unit that was part of the bank’s wealth-management business. The combined operation will be based in Stamford.

Amlicke is among the best-known players in the fund-of-funds business, having started out at derivatives shop O’Connor & Associates before the firm was acquired by UBS in 1992. He went on to play a key role in building the bank’s Alternative Investment Solutions unit into one of the industry’s largest multi-manager hedge fund operations.

Amlicke left UBS in 2004 to head Blackstone’s fund-of-funds business until retiring in 2009. But last year, UBS lured him out of retirement, reinstalling him as co-chief investment officer of Alternative Investment Solutions alongside Rick Nardis. Under the reorganization, Nardis will become co-chief investment officer of the expanded operation.

Meanwhile, Ulrich Keller, chief investment officer of the Alternative Funds Advisory unit, will soon leave the bank. He is expected to stay on long enough to help ensure an orderly transition.

In his new role, Amlicke will oversee a staff of 100, including 50 investment professionals. Combined, the units coming under his command have tens of billions of dollars under management.

One industry insider said it’s likely Amlicke agreed to return to UBS in 2010 with the understanding he eventually would take over as chief investment officer of the overall fund-of-funds business. “UBS brings a guy of that stature back, they should give him global control,” the source said.

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