UBS’s asset management arm is to establish a "new infrastructure debt initiative", according to an internal memo seen by Financial News.

In the memo to staff, Paul Moy, global head of infrastructure and private equity at UBS Global Asset Management, said that Tommaso Albanese, vice-chairman of the bank's global capital markets business for Europe, the Middle East and Africa, is to join the unit and "will be responsible for establishing a new infrastructure debt initiative".