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  1. Wealth
February 9, 2009

Reuters: UBS will hang onto US WM arm

By Spear's

ZURICH, Feb 6 (Reuters) – UBS AG (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) has decided to hang onto its U.S. wealth management arm as it cannot be a global player without it, the head of the business was quoted as saying on Friday.

From Reuters:

ZURICH, Feb 6 (Reuters) – UBS AG (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) has decided to hang onto its U.S. wealth management arm as it cannot be a global player without it, the head of the business was quoted as saying on Friday.

“We have decided to keep the unit,” Marten Hoekstra, head of UBS Wealth Management, told the Finanz und Wirtschaft newspaper in an interview released ahead of publication on Saturday.

Hoekstra declined to comment on recent speculation that UBS might consider a tie-up with an American player or an outright sale of its U.S. business, but added:

“Wealth management is the core of UBS. More than 30 percent of global wealth is in the United States. UBS would not be a global player without a U.S. offering.”

To read the full article, visit Reuters

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