Traditionally it was usually the case that "in the U.S., the investment banks are regarded the brains, and the brokers are the muscle," he said.įirms combining operations "have been pretty successful," he said, citing Morgan Stanely Dean Witter as an example. On the whole, he saw it as a good combination. Its assets under management totaled 1.767 trillion Swiss francs ($1.085 trillion) at the end of the first quarter.Īnalyst Christoph Bieri at Banca del Gottardo said the move "makes sense, because UBS has really one of the best global reseraches, and too little distribution power."įor brokers like PaineWebber, which face increasinpressure from competition from e-services, the move also makes sense, Bieri said. UBS, based in Basel and Zurich, is one of the world's largest managers of private and institutional money, but its strengths in private wealth management are centered in Europe.
Leonard said the valuation of managed and administered assets "also appears in line." John Leonard, European bank analyst at Schroder Salomon Smith Barney, said that based on his firm's calculations, the move made sense, and was in keeping "with the integrated global securities firm approach." It said it would fund part of the cash offer by issuing $1.5 billion in UBS preference shares. It reported at end-March it had 36.27 million Treasury shares, worth around 9.6 billion Swiss francs ($5.90 billion). UBS has plenty of acquisition currency for such a deal. acquisitions by allowing it to use own shares as a currency. It said at the time the listing would aid in U.S.
UBS recently listed its shares on the New York Stock Exchange.
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