Swiss financial services company UBS announced Monday that it is has set up a services center in Hyderabad, India, to support its asset management, wealth management and investment banking businesses. The center, which already employs some 180 staff, will have about 500 employees by the end of the year, company spokesman Mark Panday said on Monday.A number of European and U.S. financial services companies including Bank of America and Citibank have set up services operations in India or outsourced to Indian suppliers.The center will provide UBS’ businesses with offshore business process services, IT infrastructure support and research and analytics, the company said. UBS’ Hyderabad center will provide the company increased flexibility to meet its staff requirements, reduce costs, rationalize systems and streamline processes, the company said. UBS already runs an IT help desk in Sydney and also outsources IT development in Shenzhen, China. Technology Industry