Tuesday's Headlines: CFA Exam Pass Rates Drop

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CFA Pass Rate Declines for First, Second Levels of Three-Part Examination [Bloomberg News]

The percentage of CFA candidates who passed the Level I exam last month dropped to 42 percent from 46 percent a year ago, but was above the 34 percent pass rate for last December's Level I exam. The pass rate for the CFA Level II exam also declined, to 39 percent last month from 41 percent in June 2009.

UBS Seeks 2,200 New Hires In Asia-Region Chief [Reuters]

UBS's top executive in Asia says the bank is "back on the offensive" and plans to boost staff in the region by 30 percent to it's pre-crisis level of 9,500 within three years. While UBS recently said it's adding private bankers in Asia, the expansion won't end there, adds the executive, Chi-Won Yoon: "We remain the leading wealth manager in the region but we also have a strong position in investment banking and securities trading. Here we are going to continue to expand."

UBS Profit Beats Estimates on Investment Bank Rebound [Bloomberg News]

UBS traders and bankers can feel better about their prospects after the firm's better-than-expected second-quarter results. Trading revenue dropped 10 percent compared with the first quarter, compared with a 34 percent average quarter-to-quarter decline among Credit Suisse and the five U.S. bulge-bracket institutions. A Sanford C. Bernstein analyst says UBS has "managed to turn around the investment bank" and said "performance appears materially more robust than its peers."

Compensation Watch '10: KPMG Puts Some Ballpark Figures Out There [Pubname]

An internal memo on compensation plans promises merit raises "from the low to the mid-single digits" for strong performers ("SP") and "up to the high-single digits and in rare cases double digits" for exceptional performers ("EP"), plus a further 5 percent raise for employees who were promoted. The bonus pool is double last year's and about half the strong performers will get bonuses this year while exceptional performers will generally receive "significantly higher" bonuses than last year.

China: Bankers Wanted, Good Communists Preferred [FT, Beyondbrics blog]

China Investment Corp, the $300 billion sovereign wealth fund, says it's recruiting for 64 openings. But its recruitment drive is aimed at professionals who were born in China and are expected to be very discreet and very loyal to the Chinese government; some of the openings require membership in the Chinese Communist Party

Ex-BNY Mellon Chiefs Reunite For New Venture [Financial News]

Two former heads of BNY Mellon's fund of hedge funds boutique formed a new company called Carduus Capital that will raise money for a fund of funds later this year.

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