Florida State Seminoles men?s youth might derail bid to defend ACC title

TALLAHASSEE -- The No. 25 Florida State men?s basketball team enters the 2012-13 basketball season in uncharted territory ? as the defending Atlantic Coast Conference champion.

During the past decade, coach Leonard Hamilton quietly has raised the profile of Florida State in the massive shadow cast by the school?s main staple, the football program.

Without much fanfare, Hamilton?s teams have posted seven consecutive winning records and made four NCAA Tournament appearances in a row, and last season the Seminoles finally cracked the ACC?s glass ceiling, going 4-1 against perennial stalwarts UNC and Duke on their way to the school?s first ACC basketball championship.

That team, which was knocked out of the NCAA Tournament in the third round by Cincinnati, has largely moved on.

Six seniors are gone, including the team?s most dynamic big man, Bernard James, who now plays for the Dallas Mavericks. In their place is a talented, yet inexperienced group of freshmen is trying to build on the success of that class.

?We have an unusual situation where I have six or seven guys where I?m trying to just let them learn our system a little better,? Hamilton said. ?The good thing is we have a corps of guys that if we just wanted to tighten it down and play fewer guys we could probably be a whole lot more efficient on the floor and just let the other guys come in and earn their playing time.

?But I don?t think that?s the right thing to do. We?ve got to get these guys on the floor, and we?ll have to see how liberal we?re going to be able to be subbing guys and giving them minutes.?

Fortunately for Hamilton, he returns a group that includes senior guard Michael Snaer, a consensus preseason All-American guard, as well as scorers such as juniors Okaro White and Ian Miller.

?I?m very comfortable that Michael [Snaer] and Okaro [White] are where they need to be,? Hamilton said. ?Ian [Miller] needs to improve his defense, Terrance [Shannon] hasn?t played in a year, and I thought that even though he played well the other night [in the exhibition], I think he realizes it?s a conditioning thing.?

Although FSU?s core group of veterans is extremely gifted, the season will hinge on how quickly the newcomers can produce.

?Unfortunately, we don?t have nearly as much time now to experiment,? said Hamilton, whose team will play its final exhibition against St. Leo on Tuesday.

Florida State has boasted one of the nation?s top-five defenses in each of the past three seasons. Although it will likely take some time for the newcomers to learn FSU?s complicated defensive system, this year the Seminoles offense should help carry the team.

?Just knowing we have all these weapons, I know we can win games,? Snaer said. ?I?m just confident enough our offense can actually win us games now. Before it was just straight defense without the offense being asked to win us games. Now we can play up there in the 80s with people, and even though we?re not going to want to ? we want to try to keep teams in the 60s while we?re in the 80s ? but that?s just going to make us that much better.?

But FSU knows it cannot win the ACC with offense alone. For the Noles to defend their ACC title, they will need to get their defense up to speed before conference play starts.

Source: http://www.miamiherald.com/2012/11/05/3081828/florida-state-seminoles-mens-youth.html

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UBS shakes up investment bank management

ZURICH/LONDON (Reuters) - The new head of UBS's investment bank has stamped his mark on the division with a management reshuffle, days after the Swiss bank said it was pulling back from fixed income trading and cutting 10,000 jobs.

Andrea Orcel, a dealmaker poached from Bank of America Merrill Lynch earlier this year, has moved co-head of the investment banking advisory business Simon Warshaw to a new role, according to a memo seen by Reuters.

UBS's new corporate client solutions division - which will house its merger and acquisitions advisory business, and the teams helping with stock market listings, bond issues and other types of financings - will also now be split along regional rather than product lines, the memo showed.

Orcel became sole head of the investment bank last week after former co-head Carsten Kengeter, in charge at the time of a $2.3 billion rogue trading scandal last September, stepped aside to oversee the winding down of the fixed income business.

Tougher regulations and capital constraints forced UBS's hand, making it the first bank to pull back so drastically in this area, although rivals have also cut back activities such as equities trading, where volumes and margins are thin.

"With this announcement, we closed the strategic debate," Orcel said in the memo, referring to last week's changes. The 10,000 job cuts will fall across the group, although the investment bank will be hit hardest.

Orcel's arrival over the summer raised fears within UBS that an "old guard" of bankers would be moved aside, with his allies given choice jobs. The Italian was followed to UBS by several BofA ML bankers.

But Orcel has picked UBS veteran David Soanes, a capital markets specialist, to run corporate client solutions in Europe, the Middle East and Africa (EMEA), the memo showed.

In the Americas he had turned to senior investment banker Steve Cummings, while Matthew Grounds, who had run the global investment banking advisory business with Warshaw, will be in charge of the advisory and financing business for Asia Pacific.

"David Soanes is a UBS-lifer but he is pragmatic and has the 'star potential' that Orcel looks for in bankers," said one UBS banker in EMEA.

Orcel also gave a key role to newer arrival Rajeev Misra, a former Deutsche Bank executive who had run fixed income - the division encompassing bond and rates trading which is now out of favor - and helped build it up in the past three years.

Misra will run financial solutions globally.

Roberto Hoornweg, who was also responsible for fixed income, currencies and commodities (FICC), has resigned, a spokesman for UBS confirmed.

Warshaw, seen by many internally as one of the pillars of the Swiss bank's famed advisory business which UBS inherited with SG Warburg - an investment bank it bought in 1995 - will report to Orcel, working on "certain initiatives" to develop the corporate client solutions' group in EMEA.

UBS's trading businesses will come under the investor client services group, and will contribute two-thirds of total revenues in the investment bank, the memo said. The existing global head of equities Mike Stewart will remain in that position.

Chris Vogelgesang and George Athanasopoulos will run foreign exchange and precious metals, the main business lines to survive from the former FICC business. Chris Murphy was named as global head of rates and credit. (Reporting by Katharina Bart and Sarah White; Editing by Mark Potter)

Source: http://news.yahoo.com/ubs-unveils-investment-bank-line-revamp-090509420--sector.html

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