In the wealth management business, our services are targeted at high net worth and affluent clients around the world, whether investing internationally or in their home country. Providing advice and choice is our central focus – and we aim to deliver both with our advisory process which generates individually tailored investment proposals based on in-house products and a quality-screened selection of third-party offerings. The trust clients place in our advice is demonstrated by the rapid expansion of our franchises across the world. In Asia Pacific, for example, we are expanding rapidly to meet the growing demand for wealth management services. In Europe, our domestic wealth management business, launched in 2001, has systematically built up a strong presence in France, Germany, Italy, Spain and the UK, and we continue to grow by investing in qualified advisory staff, as well as through selective strategic acquisitions. In the US, our business benefits from the excellent market position of the former PaineWebber business that became part of UBS in 2000. That business, which now operates under the UBS brand, has successfully reinvented itself as a holistic wealth management provider, serving clients with comprehensive investment and financing advice.

In the investment banking and securities business, we aim to be the global leader in providing services to corporate clients, institutional investors and intermediaries. Our mix of businesses allows us to capture changing market opportunities, and our high-quality advisory and research capabilities, combined with excellent technology-based execution of transactions and deals, help our clients succeed. With the increasing importance of securities trading and financial markets, and ongoing moves by corporations to restructure their activities, we see significant potential in being able to capably serve our target clients. Our equity-related businesses, for instance, already very strong, continue to gain momentum. Our fixed income and foreign exchange business, which has grown significantly over the past two years, is now one of the broadest and most diversified businesses of its type in the industry. In investment banking for corporations, we are a truly global provider – with longstanding European strength, a growing presence in Asia Pacific, and strong growth in the key US market.

As one of the world’s leading firms in asset management we benefit from our record of strong investment performance. Our broad array of traditional and innovative capabilities covers specialist alternative and real estate investment areas alongside our core value-based investment philosophy. We hope to benefit from the growth expected in asset management markets because of the increased need for private savings to supplement public pension systems.

Our Swiss retail and corporate clients business leads the domestic market. We remain committed to providing clients with excellent, high-quality banking while continuing to scale up advisory services by tailoring our offering to market opportunities that arise. We also strive to meet the changing needs of our clients and to grow our market share in selected segments.

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