UBS to shut US asset-backed securities unit

ZURICH, Nov 10 (Reuters): UBS is shutting its asset-backed securities business in the United States, Swiss newspaper HandelsZeitungreported on Thursday without citing sources. UBS declined to comment on the report. The head of the business, Ken Cohen, was hired just six months ago to head the bank's real-estate finance and commercial mortgage-backed securities business in the United States after stints withLehman Brothers and G2 Investment Group. His mandate was later extended to include other asset-backed securities. Writedowns on the bank's huge exposure to mortgage- and asset-backed securities pushed UBS to the biggest corporate loss in Swiss history in 2008 and forced it to accept a state bailout.