UBS ASSET MANAGEMENT STARTS CUTTING COSTS  – According to people close to the matter, UBS AM is trimming jobs as they begin to focus on their growth in China and lower-margin passive and sustainable investing. Approximately 100 positions have been terminated in areas such as the Distribution. Around 30 of the cuts were in the U.S. with many of those being in New York. UBS Spokeswomen, Sheryl Lee, said “We don’t comment on adjustments that we are make over time and are focused on serving the needs of our clients, growing our business and improving efficiency.” This move comes as @Ulrich Koerner, UBS Asset Management Head, added job cuts to their initiatives intended to turn around the 792 billion-franc ($807 billion) business. #SpartanInternational