Dave Forsyth and Claire Austin have joined the prime brokerage division of UBS in Australia as the bank cements its position as a leading supplier of prime services in the country. The two report to the head of the division, David Gray, who now oversees a dedicated team of 30 people.

Forsyth takes on the role of associate director, prime broking sales, having spent the last five years leading the capital introduction team for Eureka Hedge in Singapore.

Austin joins UBS from BarclaysÆ prime brokerage in London where she has worked as an account manager since 2001. She is relocating to Sydney where she will also fulfil the role of account manager for UBS.

UBSÆ client base in Australia includes large institutional-type hedge funds as well as small start-up operations. The bank provides sales, capital introduction, client services, consultancy and transition management.

AustraliaÆs hedge fund community continues to grow at a rate of 40% per year as existing managers increase their balances and new start-ups form. The Alternative Investment Management Association estimates the hedge fund industry will total A$50 billion ($37.5 billion) in funds under management by end of 2006.