UBS Asset Management has named Thomas Sassi a senior portfolio manager with responsibility for its $750 million Equity Invest USA fund, said Jim McCaughan, president of the unit.
Mr. Sassi, whose appointment was effective Thursday, joins the asset management unit from Dreman Value Advisors Inc., a division of Zurich Kemper Investment, where he was chief investment officer.
His hiring is an addition to UBS' operation and marks the relocation of the Equity Invest USA fund from Switzerland to New York, said Mr. McCaughan. The fund had been run from Zurich, where the unit's parent Union Bank of Switzerland is headquartered.
"It's part of a process of globalization of our investment management business," Mr. McCaughan said.
Mr. Sassi will also become part of the firm's investment policy committee, which sets asset management policy.
UBS has roughly $24 billion of institutional money under management in New York, with about $180 billion worldwide, Mr. McCaughan said. These assets are managed from London, Zurich, Tokyo, Singapore, and New York, he said.