UBS Investment Bank is a very large investment bank in Europe and ranked 7th in the world in terms of total investment banking revenues in 2002. In addition, UBS has also created a number of firsts including the world's very large convertible bond issuance, the world's largest stock secondary market placement and the United States very large telecommunications company M&A advisory. In the asset management sector, the total has exceeded $600bn due to the dramatic expansion of Hedge funds globally. In 2002, UBS overtook Deutsche Bank to become the largest banking group in Europe by assets.