[zhte415]

Oversee..

$2 trillion must include assets under custody, though I did think UBS had 3-4 trillion under custody, which is smaller than some of the biggest names, BNY Mellon, State Street, JP Morgan, Citi, Euroclear.

Under custody absolutely does not mean under management. Oversee is true: Their corporate governance is trusted to ensure these assets are held in safe keeping and administered for example for tax. It does not mean actively invested.

$1.5bn (managed by quants) is still a small number. My second job, at 24, was on a team of 5 people (total) that actively managed $6bn; the team was remarkably lean.