UBS Global Asset Management has announced its alternative and quantitative investments hedge fund platform will split into two separate business areas with immediate effect. The areas are Alternative Investment Solutions, which is a multi-manager and hedge fund advisory business, and O'Connor, the single-manager hedge fund business.

The decision to split the groups has been taken to allow each business to operate as “distinct entrepreneurial boutiques”, the firm said in a statement this week.

The AIS business, with $25.4 billion of assets under management, will be led by Bill Ferri.  AIS will be expanded to include additional entrepreneurial businesses in the alternatives arena. Ferri continues to be a member of the UBS Global Asset Management executive committee, UBS said.

Dawn Fitzpatrick will assume full leadership of O'Connor, in addition to her role as chief investment officer and she will become a member of the Global Asset Management executive committee, reporting to John Fraser, chairman and CEO of UBS Global Asset Management, it said. O’Connor oversees $5.2 billion of AuM.

UBS Global Asset Management had total AuM of $621 billion at June 30.