Entire UBS ETF desk knew about Adoboli’s hidden profits, court hears
All four traders on the UBS exchange-traded fund (ETF) desk were aware of accused rogue trader Kweku Adoboli's "umbrella" fund, a jury at Southwark Crown Court in London heard today.
On his second day of testimony, John Hughes – like Adoboli, a senior trader on the ETF desk – revealed the whole ETF team was aware of Adoboli's off-book profits. These profits were hidden in an account that Adoboli described as the "umbrella".
In an electronic chat exchange read out in court, Hughes asked Adoboli:
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