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UBS PaineWebber integration delivers rapid results
Combined platform provides new products, attracts experienced financial advisors
Mark B. Sutton, president, UBS PaineWebber US Private Client Group, at a press briefing today said the successful integration with UBS exceeded expectations.
"As our merger with UBS approaches its first anniversary, we are pleased that UBS PaineWebber has strengthened its capabilities across business lines, said Sutton. "We have benefited from UBS Warburg's balance sheet and expertise in developing structured products and its global investment banking has contributed incremental deal flow to our fixed income and equity syndicate desks."
Sutton also noted that the global capabilities provided by UBS have attracted experienced financial advisors while training programs have remained robust. "We have ambitious asset-gathering goals and continue to add outstanding professionals with solid business plans and assets. Our goal of 10,000 financial advisors by 2003 is well in hand."
With the core affluent investor ($500,000+ investable assets) as UBS PaineWebber's target segment, Sutton emphasized that the firm has targeted the largest and fastest growing segment of the US financial services market. "Nearly three years ago we initiated a strategy that focuses on these investors and their demonstrated need for customized wealth management and advice. The result is that UBS PaineWebber has the largest percentage of core affluent and millionaire investors among its clients," Sutton added. More importantly, Sutton stated that "Through the combined capabilities of UBS and PaineWebber we should see acceleration in the growth of assets from our core affluent client base."
In reviewing US Private Client performance, Sutton noted the following:
Rebranded the firm "UBS PaineWebber" with an advertising campaign launched the week of March 5. The television, magazine and newspaper buys
reached 83 percent of the core affluent investor segment.
The immediate product synergy derived through UBS PaineWebber's branch office distribution joined with UBS Warburg's equity-linked product expertise
resulted in selling 11 different issues branded "GOALs" and "BULS" with total issuance of approximately $525 million.
UBS PaineWebber's taxable fixed income syndicate group more than doubled in the first quarter the total dollar volume of the previous year.
The Municipal Securities Group ranked #2 in negotiated senior managed underwriting with a more than 11.5 percent market share and ranked #3 in competitive senior managed underwriting with a 6.8 percent market share. Significant underwriting for the period included transactions for Missouri Higher Education Loan Authority; State of Pennsylvania General Obligation Bonds; Los Angeles Department of Water and Power: and San Francisco Bay Area Transit.
The continued enhancement of UBS PaineWebber's online services expanded market data on international markets, and new charting capabilities; mutual fund research; a launchable "watch list" which clients can maintain in view no matter where they are on the Web; and enhanced personalization features.
The Alternative Investment Group ended the first quarter with $2.44 billion in assets - an increase of 9 percent from the fourth quarter - across 13 domestic and offshore single manager and fund-of-funds offered to both qualified individual investors and institutional investors.
Enhanced the firm's stock option financing business - Corporate Employee Financial Services - to target the $1 trillion in assets currently held in options.
$440 billion in invested assets (as of 3/31/01)
$4 billion in net new money (excludes dividend and interest income; as of 3/31/01)
Number of financial advisors at 8,891 (as of 3/31/01)
Number of U.S. branch offices at 392 (as of 3/31/01)
UBS PaineWebber serves the wealth management needs of more than 2 million clients and employs more than 21,000 in the U.S. UBS PaineWebber is a business unit of UBS Warburg - a subsidiary of UBS AG (Zurich, Switzerland) - NYSE: UBS.
Inquiries: Paul R. Marrone: +1 212-713-8503 (w) of UBS Warburg
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