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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches, Market

UBS says Australia should start wealth fund as debt crisis fallout spreads

Posted on 20 September 2011

Matthew GroundsAustralia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG (UBSN)’s top banker in the nation said.
“It would be silly to think that none of this is going to have an impact on us — it will,” Matthew Grounds, 42, chief executive officer of UBS’s Australian business, said in an interview on Sept. 14, before the bank disclosed a $2.3 billion unauthorized trading loss in London. “That’s got to impact China and that’s got to impact Australia.”………………………………………Full Article: Source


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