Latest media releases

This site lists the 20 latest media releases. Please go to the archive for previously published media releases.

October 2014

  1. UBS is Recognized as an "A List" Performer

    UBS among World Leaders for Corporate Action on Climate Change

  2. Wechsel an der Spitze der UBS Deutschland AG

    Axel Hörger verlässt die Bank auf eigenen Wunsch – Thomas Rodermann (Deutsche Bank) wechselt auf den Vorstandsvorsitz der UBS Deutschland AG

  3. UBS (China) Limited opens Beijing Huamao sub-branch

    UBS's first ground-floor presence in Asia Pacific

September 2014

  1. UBS consumption indicator: Downward trend continues

    The UBS consumption indicator dropped from 1.67 points to 1.35 points in August.

  2. Insights into Billionaires' Balance Sheets

    Global Family Office Report 2014: Largest Family Office Research Study ever offers insight into Family Office Performance and Structures

  3. UBS supports "SwissSkills Bern 2014" occupational championships

    As one of the largest private providers of apprenticeships in Switzerland, UBS supports dual vocational education through its Education Initiative.

  4. Global billionaire population reaches a record 2,325 with the addition of 155 new billionaires in 2014

    Europe is the world leader in terms of billionaire population and billionaire wealth, Asia responsible for 30% of the net increase in global billionaire wealth

  5. UBS SME barometer falls below average

    After a bright spell among industrials, conditions worsened again. Barometers for SMEs as well as for large companies were slightly below their long-term averages again in July. By contrast, service companies still rated business conditions as good due to high demand and improved profit figures.

  6. UBS Wealth Management Americas Introduces Enhanced Functionality for the Equity Plan Business

    As part of its ongoing commitment to service excellence for both plan sponsors and participants, UBS Wealth Management Americas, a division of UBS AG, introduced two new exciting features to its Equity Plan Advisory Services (EPAS) offering: enhanced cash awards functionality and the UBS One Source Mirror.

August 2014

  1. UBS consumption indicator: High ends in July

    The UBS consumption indicator clearly buckled in July after reaching its six-year high in the previous month.

  2. UBS declares coupon payments on nine monthly pay ETRACS Exchange-Traded Notes: AMU

    UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”). The relevant coupon information is provided in the table below. For additional ETRACS information, go to www.etracs.com or download the ETRACS Full ETN List.

  3. UBS Futures Co. goes live in China

    UBS Securities in China holds 95.42% of Shanghai-based UBS Futures

  4. CalPERS and UBS Global Asset Management announce USD 500 million Infrastructure partnership

    California Public Employees' Retirement System ("CalPERS") and UBS Global Asset Management (Americas) Inc. ("UBS") have formed a strategic infrastructure partnership, Golden State Matterhorn, LLC ("GSM LLC"), to pursue infrastructure investment opportunities across core, OECD markets.  CalPERS and UBS have made capital commitments of USD 485 million and USD 15 million, respectively, to the partnership.

July 2014

  1. UBS's second quarter 2014 results – Tuesday, 29 July

    UBS invites you to the presentation of its second quarter 2014 results on Tuesday, 29 July 2014. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer and Group Chief Operating Officer, Caroline Stewart, Global Head of Investor Relations and Hubertus Kuelps, Group Head of Communications & Branding.

  2. UBS Global Asset Management: Will it be smooth sailing ahead, or is this the calm before the storm?

    Overly complacent markets could lead to an unexpected increase in volatility

  3. UBS appoints Hiroshi Toda as Special Advisor to Investment Banking

    Tokyo, July 18, 2014 - UBS Securities Japan Co., Ltd. today announced that Hiroshi Toda has been appointed as Special Advisor to its investment banking unit.

  4. Top philanthropists to meet in Shanghai at UBS Family Legacy & Philanthropy Forum

    UBS Philanthropy Compass launched as a practical guide for philanthropists
    UBS starts UBS 20/20 Social Impact Leaders Group to nurture new leaders

  5. US Pension Fund Fitness Tracker: Still no improvement in funding ration in second quarter of 2014

    The UBS Global Asset Management US Pension Fund Fitness Tracker saw the funding ratio of the typical corporate US pension plan drop by approximately one percentage point to 90% in the second quarter of 2014.

  6. US PENSION FUND FITNESS TRACKER: FUNDING RATIO PROGRESS SLOWED DOWN IN FIRST QUARTER OF 2014

    The UBS Global Asset Management US Pension Fund Fitness Tracker saw the funding ratio of the typical corporate US pension plan drop by approximately four percentage points to 91% in the first quarter of 2014.

  7. UBS Global Asset Management Names Kevin Granelli to its US Financial Institutions Group

    UBS Global Asset Management, a division of UBS AG, has hired Kevin Granelli as a Client Advisor focusing on business development efforts in its US Financial Institutions Group. Based in New York, Granelli will focus on opportunities in the sub-advisory and financial intermediary markets, and will report to Bob McGowan, head of distribution for Financial Institutions and Corporate clients for the Americas region.

June 2014

  1. ETRACS introduces the first MLP ETN to track non-energy MLPs offers significant monthly income potential

    ETRACS Wells Fargo® MLP Ex-Energy ETN                 

  2. UBS SME barometer: Industry achieves trend reversal

    In April, large Swiss industrial enterprises – as in previous months – fared better commercially than their small and medium-sized counterparts (SMEs). Business conditions for large companies and SMEs alike improved significantly in recent months. Service companies were satisfied with business conditions despite weaker dynamics.

  3. UBS Optimus Foundation marks first anniversary in Hong Kong with 18 new projects across Asia Pacific

    UBS Optimus Foundation invests more than CHF 6 million in new projects

    New projects benefit more than 100,000 children in the region

  4. Mark Haefele appointed UBS Global Chief Investment Officer

    Seamless transition as Alexander Friedman steps down

May 2014

  1. UBS Optimus Foundation doubles social impact investment in India to CHF 1.7 million

    Additional CHF 1.3 million of new grants to India projects this year 

  2. UBS's first-quarter 2014 result

       

  3. UBS Appoints Ros Stephenson Global Chairman of Corporate Client Solutions (CCS) and Head of CCS Americas

    UBS today announced that Ros Stephenson has been appointed Global Chairman of Corporate Client Solutions (CCS) and the Head of CCS Americas. Ros will join as a Group Managing Director and report to Andrea Orcel, CEO of UBS Investment Bank.

April 2014

  1. UBS Launches SwapsDirect: Algorithmic Trading for U.S. Equity Swaps

    New York, April 30, 2014 – UBS is pleased to announce the launch of SwapsDirect, the firm's high-capacity algorithmic trading platform for U.S. equity swaps. With the launch of UBS SwapsDirect, institutional clients can quickly and easily execute US equity swaps transactions electronically direct from their preferred OMS or EMS. The platform provides automatic processing as well as execution and confirmation. In addition to equities, clients of UBS can also access derivatives linked to alternative assets such as REITS, MLPs and other solutions while eliminating many of the operational challenges associated with OTC derivatives.

  2. UBS Investor Watch Report Reveals Couples Say They Share Financial Decisions, But Not Investing Decisions

    Money is a hot topic because men and women often have differing views about risk tolerance, investing and saving

  3. UBS and VEDC announce first small business loan in New York Metro area

    Barganza a wholesale distributor of women's handbags will receive a $500,000 loan through UBS’s Elevating Entrepreneurs program.

  4. Congratulations to our 19 Advisors named to the Barron’s Top 100

    UBS Advisors have the experience and expertise to address the full range of clients’ needs across their financial lives. See disclosure below.

  5. UBS presents legendary Swiss photographer Hannes Schmid at the Today Art Museum, Beijing

    Visitors will participate in an avant-garde experiment exploring the interaction between an artwork, and its public and digital platforms within a museum

  6. UBS office property index shows slight improvement: market remains susceptible to correction

    The UBS Swiss Office Space Investment Index stands at -0.74 for the first half of 2014. We consider the attractiveness of investments in office space to be somewhat negative and therefore continue to recommend heightened caution when investing there. Year on year, the outlook has improved slightly due to higher anticipated demand for office space.

  7. UBS Wealth Management launches investment app for charities

    London, 11 April 2014 – UBS Wealth Management UK has launched an iPad app to help charities understand their investment portfolios. As well as offering broad economic analysis, the app features UBS Wealth Management’s Charities Compendium, a guide covering investment opportunities which may be suitable for charities. 

March 2014

  1. UBS launches Exchange-Traded Note with monthly-resetting 2x leveraged exposure to the S&P 500® Total Return Index

    ETRACS Monthly Reset 2xLeveraged S&P 500® Total Return ETN

  2. UBS Fund Services offers new service to support managers with distribution in Switzerland

    Distribution in Switzerland has become more challenging since the liberal private placement regime became stricter with the amendment of the Swiss fund law in March last year. Alternative investment funds (AIFs) distributed in Switzerland will now need – subject to transition periods – a Swiss representative and a Swiss paying agent (in addition to UCITS funds). 

  3. UBS declares coupon payments on seven monthly pay ETRACS Exchange-Traded Notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

February 2014

  1. UBS declares quarterly coupon payment on exchange-traded note: AMU

    New York, February 20, 2014 - UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”).

  2. UBS Securities buys futures brokerage in China

    UBS Securities to hold 95.42% of Shanghai Pumin Futures after RMB90 mln capital injection

  3. UBS Declares Coupon Payments On Seven Monthly Pay ETRACS Exchange-Traded Notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

  4. Real Estate Bubble Index continues to indicate increased potential for correction

    The UBS Swiss Real Estate Bubble Index has risen slightly to 1.23. Despite a decline in growth rates for prices and mortgage volume, the potential for correction has increased further. On a regional basis, additional regulatory measures could result in exacerbation of the imbalances.

  5. UBS unveils its new Top 35 Under 35 Financial Advisors.**

    At UBS, we are committed to delivering comprehensive advice to help our clients achieve what’s truly important to them, and to recognizing excellence among our Financial Advisors.

January 2014

  1. UBS consumption indicator sent soaring by strong year-end in automobile trade and retail sector

    Positive trend in new car registrations and better business conditions in the retail industry drove up UBS consumption indicator.

  2. UBS to report fourth-quarter 2013 results on 4 February 2014

    UBS invites you to the presentation of its fourth-quarter 2013 results on Tuesday 4 February. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Martin Osinga, Global Head of Investor Relations (ad interim) and Hubertus Kuelps, Group Head of Communications & Branding.

  3. UBS Investor Watch Report Reveals Millennials Are As Financially Conservative As Generation Born During Great Depression

    Millennials shatter stereotypes, believe in hard work, worry about parents' financial health, and define success as a combination of money, healthy relationships, and enriching experiences

  4. How tech and trade will transform the world economy: Financial Services next industry in the spotlight


    UBS unveils flagship publication for this week’s World Economic Forum in Davos entitled Macro problems, micro solutions: How trade, technology and finance can help keep the recovery going

  5. UBS announces redemption of ETRACS Oil Futures Contango ETN and ETRACS Natural Gas Futures Contango ETN

    New York, NY (January 13, 2014) – UBS AG announced today that it will redeem all of the outstanding securities in each of the series set forth in the following table (collectively, the “Affected Securities”):

  6. UBS declares coupon payments on fourteen ETRACS EXchange-Traded Notes

    UBS Investment Bank today announced coupon payments for fourteen ETRACS exchange-traded notes (the “ETNs”), all traded on the NYSE Arca. The relevant coupon information is provided in the table below:

  7. Thirteen UBS Financial Advisors secure spots in On Wall Street’s "Top 40 Advisors Under 40"†

    On Wall Street has released its annual "Top 40 Advisors Under 40" list, and 13 UBS Wealth Management Americas Financial Advisors clinched spots for 2013.

December 2013

  1. UBS Global Asset Management: All eyes still on central banks for driving asset class returns

    Many investors see a favorable outlook ahead, but will the bears crash Goldilocks' party?

  2. UBS consumption indicator: Christmas trade lifts mood in retail sector

    Retailers consider November business conditions to be much better than in the previous month, raising the UBS consumption indicator.

  3. UBS announces successful completion of public tender offer

    UBS has repurchased certain outstanding tier 2 and senior bonds for approximately CHF 1.9

  4. Citi, UBS Financial Services Inc. enter into municipal distribution agreement

    Citi and UBS Financial Services Inc. have entered into a municipal distribution agreement, which will provide Citi's municipal clients with access to the UBS Wealth Management Americas network of more than 7,000 Financial Advisors. 

  5. UBS launches fully redesigned e-banking platform with innovative new Personal Finance Assistant function in Switzerland

    UBS is making online banking even simpler, clearer and more personal for UBS clients with the launch of its fully redesigned e-banking platform with the new Personal Financial Assistant function to help users to keep an eye on their expenses and tailor their own budget.

  6. UBS named as a best place to work for LGBT equality

    Earns perfect score in Human Rights Campaign’s Corporate Equality Index 

  7. UBS Wealth Management Americas introduces the UBS Equity Award Value Index™

    Equity comp: Lottery ticket, paycheck supplement or wealth builder?

  8. UBS provides $20 million in alternative financing for small business in the New York Metro Area

    New access to capital through Tri-State Business Opportunity Fund extends UBS’s Elevating Entrepreneurs program to help create jobs and strengthen local economies

  9. UBS declares coupon payments on six monthly pay ETRACS Exchange-Traded notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

  10. UBS to buy back outstanding bonds in public tender offer

    UBS offers to buy back certain outstanding tier 2 and senior bonds for cash up to approximately CHF 2.15 billion.

November 2013

  1. UBS raises salaries for employees

    UBS will increase the total salary for its employees in Switzerland, up to and including middle management, by 1.0%.

  2. UBS consumption indicator: gloomy mood in retail clouds consumption climate

    Retailers judge October business conditions to be worse than in the previous month, dampening the UBS consumption indicator.

  3. UBS to host 41st Annual Media Conference from December 9-11 in New York

    The Conference brings together leaders and industry insiders from the world of media, entertainment, and telecommunications.

  4. UBS verkauft Büro- und Geschäftshaus in München

    München/ Frankfurt, 22. November 2013 – Der Geschäftsbereich Global Real Estate von UBS Global Asset Management verkauft ein Büro- und Geschäftshaus in München. Die Aufgaben von UBS Global Real Estate werden in Deutschland von der UBS Real Estate KAG mbH mit Sitz in München wahrgenommen, die auch den Verkauf des Objektes durchgeführt hat.

  5. UBS declares quarterly coupon payment on Exchange-Traded Note: AMU

    New York, November 20, 2013 UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”). The relevant coupon information is provided in the table below:

  6. UBS Clean Energy Infrastructure Switzerland – the first investment solution for renewable energies and energy infrastructure in Switzerland successfully increases capital commitments to CHF 350 million

    With total commitments of CHF 350 million, the successful second closing of UBS Clean Energy Infrastructure Switzerland demonstrates that institutional investors' interest in real assets continues to grow. UBS was the first provider in Switzerland to launch such a ground-breaking investment solution for renewable energies and energy infrastructure. In doing so, UBS is building bridges between institutional investors and the energy sector in Switzerland.

  7. UBS commits to double client donations for Typhoon Haiyan relief efforts in the Philippines up to a total of CHF 3 million

    In response to the devastation in the central Philippines caused by Typhoon Haiyan, UBS today announced that it is committing to match donations from clients for Typhoon Haiyan relief efforts up to a total of CHF 3 million. This is in addition to its long-standing matched giving program for UBS employees.

  8. LGBT Investors More Optimistic Than Other Investors According to UBS Investor Watch Report

    However, LGBT Investors are More Worried About Personal Financial Issues

  9. Slight rise in Real Estate Bubble Index despite improving economy

    The UBS Swiss Real Estate Bubble Index has increased slightly to 1.20. Residential real estate prices and mortgage debt continued to grow more strongly than economic output and household incomes. The number of risk regions remained unchanged, although a trend reversal is becoming apparent in the Lake Geneva region.

  10. First global census shows record of 2.170 billionaires worldwide

    Wealth-X and UBS Billionaire Census 2013 shows Asia as fastest growing region with 18 new billionaires in 2013

  11. UBS declares coupon payments on five monthly pay ETRACS Exchange-Traded Notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

  12. UBS Outlook Switzerland: future of retirement provision – means, opportunities, risks

    The three-pillar model of the Swiss retirement scheme has long been regarded as an exemplary solution compared to those of other countries. This pension system, however, cannot cope with the challenges posed by a declining working-age population, increasing life expectancies and low capital market yields. "Our proven pension system and its three-pillar approach deserve our attention and renewed efforts," emphasized Lukas Gähwiler, CEO UBS Switzerland, at a media event in Zurich. 

  13. UBS Wins Global Private Banker Award 2013

    UBS has been named Best Global Private Bank, Best Private Bank in Asia, Best Brand in Private Banking and Best Performing Private Bank in the 2013 FT Global Private Banking Awards.

October 2013

  1. UBS Deutschland AG beruft Matthias Schellenberg in den Vorstand

    Frankfurt, 31. Oktober 2013 - Die UBS Deutschland AG beruft Matthias Schellenberg (49) zum 1. November 2013 als neues Mitglied in den Vorstand.
    Er vertritt dort den Unternehmensbereich Global Asset Management.

  2. UBS Wealth Management Americas announces changes to the Product Management Team for its Equity Plan Advisory Services Business

    UBS Wealth Management Americas announced new appointments to their product management team in the Equity Plan Advisory Services division.

  3. UBS consumption indicator: private consumption on the rise

    The UBS consumption indicator rose sharply in September. Good figures for new car registrations, combined with the recovery in tourism and the retail sector, paint a positive picture of consumer sentiment.

  4. UBS's third-quarter 2013 result

  5. UBS European Conference: unparalleled access to key decision makers

    The UBS European Conference will return to London at The Landmark Hotel on 12-13 November 2013, after establishing itself as one of the largest, annual, industry gatherings of European CEOs and CFOs, policymakers, politicians, experts and institutional investors.

  6. UBS to report third-quarter 2013 results on 29 October 2013

    UBS invites you to the presentation of its third-quarter 2013 results on Tuesday 29 October. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Caroline Stewart, Global Head of Investor Relations and Hubertus Kuelps, Group Head of Communications & Branding.

  7. What is Old?: UBS Investor Watch Report Finds Wealthy Investors Say "80 is the New 60"

    9 out of 10 working investors anticipate a long, multi-phased retirement

  8. UBS Wealth Management Americas Relaunches Equity Compensation Business

    UBS Wealth Management Americas, a division of UBS AG, recently announced the relaunch of its equity plan business: UBS Equity Plan Advisory Services (formerly known as Corporate Employee Financial Services or CEFS).  The new brand reflects the company's significant and on-going commitment to the business, its corporate clients and all plan participants.

  9. UBS Global Asset Management: Will a sneeze in the emerging markets lead to a cold for developed markets?

    Lack of Fed tapering seen as positives for most asset classes—for now

  10. UBS declares coupon payments on eleven ETRACS Exchange-Traded Notes

    MLPI: linked to the Alerian MLP Infrastructure Index

  11. UBS only firm to earn high satisfaction ratings from both full and partial administration clients in group 5 Annual Survey of Stock Plan Administrators

    New York, NY October 2, 2013 – UBS Equity Plan Advisory Services today announced that, for the second consecutive year, it has earned the highest rating for partial plan administration satisfaction and top rating for full plan administration satisfaction.

September 2013

  1. UBS consumption indicator down due to drop in new car registrations

    The UBS consumption indicator fell slightly in August. An increase in overnight hotel stays and the improvement in business conditions in the retail sector could not compensate for the decline in new car registrations.

  2. UBS Wealth Management Americas names Karen Damaso to its Equity Compensation business

    UBS Wealth Management Americas, a division of UBS AG, announced that Karen Damaso has joined the firm to support new business development initiatives in the equity compensation services division. Based in New Jersey, Damaso will focus on driving corporate client sales with key prospects in collaboration with Financial Advisors. She will report to Michael Barry, head of the business.

  3. UBS Global Asset Management ernennt Dag Rodewald zum Leiter Vertrieb UBS ETFs in Deutschland

    Frankfurt, 23. September 2013 – UBS Global Asset Management ernennt Dag Rodewald (46) mit Wirkung vom 1. Oktober 2013 zum Leiter Vertrieb UBS ETFs in Deutschland. In der neugeschaffenen Funktion wird er die Gesamtverantwortung für den Vertrieb von UBS-ETFs in Deutschland übernehmen.

  4. UBS launches Exchange-Traded Note with significant monthly income potential and exposure to a diversified, multi-asset index

    New York, September 19th, 2013 – UBS Investment Bank announced that today is the first day of trading on the NYSE Arca®  for the ETRACS Diversified High Income ETN (NYSE: DVHI).  DVHI is linked to the performance of the NYSE® Diversified High Income Index (the “Index”).

  5. UBS Wealth Management Americas to speak at NASPP Annual Conference

    New York, NY September 17, 2013 – UBS Wealth Management Americas, a division of UBS AG, announced that three representatives from equity compensation services division have been selected as key speakers for the upcoming National Association of Stock Plan Professionals conference, to be held in Washington, DC from September 23-26.  

  6. UBS Wealth Management Americas names Jonathan Brooks to its Equity Compensation Business

    New York, NY September 5, 2013 – UBS Wealth Management Americas, a division of UBS AG, announced that Jonathan Brooks has joined the firm as a Sales Director to support new business development initiatives in the equity compensation services division. Based in New Jersey, Brooks will focus on driving corporate client sales with key prospects in collaboration with Financial Advisors. He will report to Michael Barry, head of the business.

  7. World's ultra wealthy population reaches all-time record

    Growth in North America and Europe, Asia Rebounds while Latin America Slips

  8. World's ultra wealthy population reaches all-time record

    Growth in North America and Europe, Asia Rebounds while Latin America Slips

  9. UBS declares coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

  10. UBS barometer moving sideways

    Following a dip in June, the UBS SME Barometer stabilized in July. The barometer tracks business activity for small and medium-sized enterprises (SMEs). For some time, business has not being going quite as well for industrial SMEs as their larger counterparts. This is in contrast to the service sector, where SMEs sometimes do better than large companies.

  11. UBS appoints Johan Jervøe as Group Chief Marketing Officer

    UBS today announced the appointment of Johan Jervøe as Group Chief Marketing Officer, effective 1 October. He will be based in Zurich, reporting to Hubertus Kuelps, Group Head of Communications and Branding.

August 2013

  1. UBS consumption indicator: virtually no change in consumer sentiment

    The UBS consumption indicator remained virtually unchanged in July. An increase in new car registrations was balanced by gloomier consumer sentiment and a weaker retail sales.

  2. UBS Global Asset Management positions its hedge businesses for further growth

    August 22, 2013 – UBS Global Asset Management has announced that its leading Alternative and Quantitative Investments (A&Q) hedge fund platform will be reorganised into two separate business areas with immediate effect – Alternative Investment Solutions (the multi-manager and hedge fund advisory business) and O'Connor (the single manager hedge fund business.) 

  3. UBS and The Chicagoland Business Opportunity Fund provide alternative small business financing in Chicago

    UBS's Elevating Entrepreneurs program provides funding and resources to help small businesses grow, to create jobs and aid local economies.

  4. UBS declares quarterly coupon payment on Exchange-Traded Note: AMU

    New York, August 19, 2013 UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”). The relevant coupon information is provided in the table below:

  5. UBS AG amends four of its ETRACS ETNs

    New York – UBS AG announces that it has executed a supplemental indenture with U.S. Bank Trust National Association, as Trustee, in order to amend the definition of “Call Settlement Date” in the following UBS AG ETRACS (the “Securities”):  

  6. UBS declares coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

  7. UBS Swiss Real Estate Bubble Index confirms market slowdown

    The UBS Swiss Real Estate Bubble Index currently stands at 1.20. It is now somewhat less likely that a speculative real estate bubble will form and burst in the coming quarters. Regional risks are increasing in medium-sized centers and peripheral agglomerations.

July 2013

  1. UBS to report second-quarter 2013 results on 30 July 2013

    UBS invites you to the presentation of its first-quarter 2013 results on Tuesday 30 July. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Caroline Stewart, Global Head of Investor Relations and Hubertus Kuelps, Group Head of Communications & Branding.

  2. Affluence Redefined: UBS INVESTOR WATCH report finds most millionaires do not consider themselves wealthy

    4 out of 5 investors provide financial support for adult children or aging parents,  with 1 out of 5 sharing a home.

  3. Preliminary results for 2Q 2013; UBS reaches agreement in principle to settle industry litigation with FHFA for RMBS offerings

    UBS announces preliminary results for second quarter 2013 reflecting significant progress in the execution of its strategy. UBS reaches agreement in principle to settle litigation with FHFA for RMBS offerings between 2004 and 2007

  4. UBS declares coupon payments on ten ETRACS Exchange-Traded Notes

    MLPI:  linked to the Alerian MLP Infrastructure Index

  5. US Pension Fund Fitness Tracker: Funded Status of Plans Improves Sharply in Second Quarter of 2013

    Chicago, July 1, 2013 11:40AM– The funding ratio of the typical US pension plan increased sharply during the second quarter of 2013, rising by six percentage points to 88%, according to the UBS Global Asset Management US Pension Fund Fitness Tracker. Combined with gains in the first quarter, the estimated year-to-date total improvement in funding ratio is close to 11 percentage points.

June 2013

  1. UBS Global Asset Management: Fed facilitating a controlled descent, or prompting a sugar crash?

    The pace of rising yields will be key to market performance, say UBS Global Asset Management investors.

  2. UBS Quant HQ offers “Riskbot®” Risk Management Platform to clients

    • UBS Quant HQ expands its ‘open architecture’ model to offer quantitative trading clients access to the latest innovation in low-latency pre-trade risk management tools
    • “Riskbot®” is a US Patent Pending offering from Massachusetts-based Hyannis Port Research (“HPR”), which went live this month
    • Assists quant trading clients to remain compliant with Market Access regulations for pre-trade risk management, at nanosecond [1] speed

  3. UBS Optimus Foundation plans to raise 65 million Swiss francs to improve nutrition for children

    UBS Optimus Foundation is partnering with government and private donors in a major new global initiative to put nutrition at the centre of the development agenda. The Foundation plans to raise 65 million Swiss francs for these efforts over the next eight years. This significant scale-up will dramatically improve children's nutrition, reduce stunting, and help prevent death from under-nutrition.

  4. UBS declares coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    • RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index
    • DVYL: linked to the Dow Jones U.S. Select Dividend Index
    • SDYL: linked to the S&P High Yield Dividend Aristocrats Index
    • MORL: linked to the Market Vectors Global Mortgage REITs Index

  5. UBS SME barometer: Sluggish recovery for industrial companies

    Survey results continue to indicate slow recovery in industry. Large companies have the lead here. The service sector shows a more differentiated picture.

May 2013

  1. ETRACS declares quarterly coupon payment on Exchange-Traded Note: AMU

    New York, May 21, 2013 UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”). The relevant coupon information is provided in the table below:

  2. UBS Announces Redemption of Seven ETRACS ETNs

    New York, NY May 20, 2013 – UBS AG announced today that it will redeem all of the outstanding securities in each of the series set forth in the following table (collectively, the “Affected Securities”):

  3. UBS appoints Sylvia Brasil Coutinho as CEO of UBS Group Brazil

    Appointment furthers UBS strategy and strengthens business in Brazil

  4. UBS Americas Hosts Revitalizing America: A Presidential Conversation on the Nation’s Economic Recovery with President Bill Clinton and President George W. Bush in San Francisco

    UBS Community Affairs Announces New Strategic Partnerships with Venture for America and American Corporate Partners in Support of Veterans and Entrepreneurs   

  5. UBS declares coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    - RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

April 2013

  1. UBS's first-quarter 2013 result

  2. UBS Investor Watch finds confidence improves as investors redefine risk

    Report also finds long-term care trumps retirement as top concern for investors of all ages

  3. UBS declares coupon payments on ten ETRACS Exchange-Traded Notes

    MLPI: linked to the Alerian MLP Infrastructure Index

  4. US Pension Fund Fitness Tracker: Funded Status of Plans Improves in First Quarter of 2013

    Chicago, April 4, 2013 11:00AM– The UBS Global Asset Management US Pension Fund Fitness Tracker found that the typical US pension plan’s funding ratio increased by nearly five percentage points during the first quarter of 2013, rising to 82%.

March 2013

  1. UBS Global Asset Management forum highlights continental divide

    US and European investors have strikingly different views on the world economy, judging by a recent sampling of views at UBS Global Asset Management.

  2. Mark Yallop, UK Group Country CEO

       

  3. UBS declares coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

February 2013

  1. UBS declares quarterly coupon payment on Exchange-Traded Note: AMU

    New York, February 25, 2013 UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”). The relevant coupon information is provided in the table below:

  2. Australian ETF market poised to ‘smarten’

    UBS Global Asset Management forecasts that the increasing popularity of ‘smart beta’ ETFs and the rising acceptance of these funds by SMSF and financial advisors will result in significant growth of these products in Australia this year.

  3. ME Bank and UBS announce high-interest cash account service for super fund members

    ME Bank and UBS Australia (UBS) today announce an alliance that will make available a high-interest cash account service on UBS’s direct investment platform for superannuation funds.

  4. UBS declares coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    - RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

January 2013

  1. UBS Launches Global Family Office in the Americas, Completes Strategic Global Expansion Initiative

    January 22, 2013 – NEW YORK – NEW YORK – Today UBS announced the expansion of its Global Family Office (GFO) to the Americas region, completing the firm’s implementation of a strategy to extend its GFO business to serve clientele across Europe, Asia and the Americas. The GFO is a joint venture between UBS Investment Bank and UBS Wealth Management, focusing entirely on family offices with institutional-like profiles and requirements. With this expansion complete, UBS now offers GFO expertise in seven primary hubs: Zurich, Geneva, London, Hong Kong, Singapore, Sydney and New York. 

  2. UBS Investor Watch indicates increasing investor confidence despite concerns around Washington, affordable long-term care

    January 17, 2013 – NEW YORK – UBS Wealth Management Americas today released its second UBS Investor Watch report providing insights on core affluent and high net worth investor sentiment. The survey shows that, despite being increasingly concerned about the political environment in and their personal ability to afford long-term care, investors are feeling better about their own financial situation. UBS Investor Watch indicates that long-term care concerns have surpassed retirement issues as the most critical of investors’ personal finance worries for the future. Still, investor confidence in their personal financial situations was at higher levels in January than before the U.S. elections.

  3. UBS declares coupon payments on eleven ETRACS Exchange-Traded Notes

    MLPI: linked to the Alerian MLP Infrastructure Index

  4. US Pension Fund Fitness Tracker: Funded Status of Plans Marginally Improves In Fourth Quarter of 2012

    CHICAGO--The UBS Global Asset Management US Pension Fund Fitness Tracker found that the typical US pension plan’s funding ratio increased by less than one percentage point during the fourth quarter of 2012, remaining flat at 77%. Year to date, it is estimated that the funded status of plans has declined by one percentage point, in spite of tremendous volatility in both assets and liabilities. 

December 2012

  1. UBS declare coupon payments on four monthly pay ETRACS Exchange-Traded Notes

    New York, December 6, 2012 UBS Investment Bank today announced coupon payments for four ETRACS exchange-traded notes (the “ETNs”), all traded on the NYSE Arca. The relevant coupon information is provided in the table below:

November 2012

  1. UBS declares quarterly coupon payment on exchange traded note: AMU

    New York, November 21, 2012 UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”). The relevant coupon information is provided in the table below:

  2. UBS announces execution of supplemental indenture regarding Exchange Traded Note linked to the UBS Bloomberg constant maturity commodity index total return due 2038:UCI

    New York, November 19, 2012– – UBS AG announced today that it has executed a supplemental indenture (the “Supplemental Indenture”) with U.S. Bank Trust National Association, as Trustee, pursuant to the terms of the consent solicitation (the “Consent Solicitation”) for its Exchange Traded Access Securities (ETRACS) linked to the UBS Bloomberg Constant Maturity Commodity Index Total Return due 2038, CUSIP No. 902641778 (the “Securities”) launched on October 16, 2012.

  3. UBS earns a 100% score in the Human Rights Campaign’s Corporate Equality Index and is named one of the best places to work for LGBT equality

    For the sixth consecutive year, UBS has earned top marks from the Human Rights Campaign’s (HRC) Corporate Equality Index (CEI) which measures corporate policies and practices related to lesbian, gay, bisexual and transgender (LGBT) employees. This year marks the eighth time in the past eleven years that UBS earned a perfect rating in the annual report, and designation by HRC as one of the best places to work for LGBT employees.

  4. UBS Commits $1.2 Million to Hurricane Sandy Rebuilding and Relief Efforts

    In response to the devastation caused by Hurricane Sandy, UBS today announced that it is committing more than $1.2 million in total financial contributions to aid in long-term relief and rebuilding efforts. This underscores the importance that community affairs efforts have in the firm’s overall strategy.

  5. UBS announces effective time for consent solictiation regarding exchange traded note linked to the UBS Bloomberg constant maturity commodity index total retrun due 2038:UCI

    New York, November 7, 2012– UBS AG (“UBS”) announced today that, pursuant to the terms of the consent solicitation (the “Consent Solicitation”) for its Exchange Traded Access Securities (ETRACS) linked to the UBS Bloomberg Constant Maturity Commodity Index Total Return due 2038, CUSIP No. 902641778 (the “Securities”) launched on October 16, 2012, it has declared 5:00, p.m., New York City time, on November 7, 2012 to be the “Effective Time” (as that term is defined in the Consent Solicitation Statement, dated October 16, 2012, related to the Consent Solicitation).

  6. UBS declares coupon payments on four monthly pay ETRACS exchange traded notes

    - RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index

October 2012

  1. UBS announces strategic acceleration from a position of strength

    Zurich/Basel, 30 October 2012 – Today, UBS announced a significant acceleration in the implementation of its strategy to transform the firm and create the UBS of the future. Building on the progress it has made in the last 12 months, UBS will achieve this transformation by further sharpening its focus in the Investment Bank. By concentrating on its traditional strengths in advisory, research, equities, FX and precious metals and by exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments, UBS will reduce costs significantly while driving further efficiencies across the Group more rapidly. By 2015, UBS is likely to have a headcount of around 54,000. As a result of these actions UBS will be unique in the banking industry – it will be less capital and balance-sheet intensive, highly cash flow generative, more focused on serving its clients and capable of maximizing value for its employees and shareholders.

  2. UBS Investor Watch survey shows US investor optimism up 14 %; private clients ready to invest in markets and spend on experiences

    New York, NY,  UBS Wealth Management Americas today launched its Investor Watch report, a new quarterly survey of US private clients’ investment decisions and primary concerns as the nation approaches the Nov. 6 election. The first Investor Watch shows individual investors’ optimism returning, their flight to cash receding and their intentions to reinvest in financial markets and spend on experiences.

  3. UBS launches ETN with high monthly income potential and leveraged exposure to mortgage REITs

    UBS Investment Bank announced that today is the first day of trading on the NYSE Arca for the ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (NYSE: MORL).

  4. UBS announces consent solicitation regarding Exchange Traded Note linked to the UBS Bloomberg Constant Maturity Commodity Index Total Return 2038:UCI

    UBS AG announced today that it has launched a consent solicitation (the “Consent Solicitation”) for its Exchange Traded Access Securities (ETRACS) linked to the UBS Bloomberg Constant Maturity Commodity Index Total Return due 2038, CUSIP No. 902641778 (the “Securities”).

  5. UBS declares coupon payments on nine ETRACS Exchange Traded Notes

    • MLPI: linked to the Alerian MLP Infrastructure Index
    • MLPL: linked to the Alerian MLP Infrastructure Index
    • MLPG: linked to the Alerian Natural Gas MLP Index
    • MLPW: linked to the Wells Fargo Master Limited Partnership Index
    • BDCS: linked to the Wells Fargo Business Development Company Index
    • BDCL: linked to the Wells Fargo Business Development Company Index
    • RWXL: linked to the Dow Jones Global ex-U.S. Select Real Estate Securities Index
    • DVYL: linked to the Dow Jones U.S. Select Dividend Index
    • SDYL: linked to the S&P High Yield Dividend Aristocrats Index

September 2012

  1. UBS to host Q-Series® Conference

    Inflection Points Towards Sustainability:  October 3 event brings unique thought leadership from around the world to clients and companies

  2. Weak August

  3. UBS declares coupon payments on three monthly pay ETRACS Exchange Traded Notes

    New York, September 5, 2012 UBS Investment Bank today announced coupon payments for three ETRACS exchange traded notes (the “ETNs”), all traded on the NYSE Arca. The relevant coupon information is provided in the table below:

August 2012

  1. UBS announces redemption of ETRACS Long S&P 500 VIX Futures ETNs and ETRACS Daily Short S&P500 VIX Futures ETNs

    New York, NY (August 31, 2012), 12:00 p.m. ETD. – UBS AG announced today that it will redeem all of the outstanding securities in each of the series set forth in the following table (collectively, the “Affected Securities”):

  2. New head of Corporate Communications for UBS Switzerland appointed

    SBB communications head Stefan Nünlist to be new head of Corporate Communications at UBS Switzerland

  3. UBS announces reverse split of UBS Next Generation Internet Index Exchange Traded Note: EIPL

    UBS AG announced today that it will implement a 1-for-4 reverse split of its ETRACS Monthly 2xLeveraged Next Generation Internet ETN due July 19, 2041 (the “Note”) effective September 12, 2012.

  4. Stable consumption thanks to retail sales

    The UBS consumption indicator fell slightly in July. The rise in retail business compensated for the drop in new car registrations to some extent.

  5. UBS declares quarterly coupon payment on exchange traded note: AMU

    New York, August 21, 2012 – UBS Investment Bank today announced a coupon payment for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”).

  6. UBS launches “Quant HQ”: Solutions for systematic traders

    New York, August 20, 2012 –UBS today announced the launch of a new business area called “UBS Quant HQ” focused specifically on the unique requirements of the systematic, or quantitative, trader.

  7. UBS declares coupon payments on three monthly pay ETRACS Exchange Traded Notes

    New York, August 6, 2012 UBS Investment Bank today announced coupon payments for three ETRACS exchange traded notes (the “ETNs”), all traded on the NYSE Arca. The relevant coupon information is provided in the table below:

July 2012

  1. ETRACS adds Alerian MLP Index ETN to its suite of MLP-related ETNs

    New York, July 18, 2012 – UBS announced that today is the first day of trading on the NYSE Arca for the ETRACS Alerian MLP Index ETN (NYSE: AMU) linked to the Alerian MLP Index (the “Index”).

  2. UBS declares coupon payments on nine ETRACS Exchange Traded Notes

    New York, July 6, 2012 UBS Investment Bank today announced coupon payments for nine ETRACS exchange traded notes (the “ETNs”), all traded on the NYSE Arca and listed with the relevant coupon information in the table below:

  3. US Pension Fund Fitness Tracker: Funded statuses decline sharply in second quarter of 2012

    The UBS Global Asset Management US Pension Fund Fitness Tracker, a quarterly indicator highlighting the underlying health and volatility of a typical US corporate defined benefit pension plan, found that the typical US pension plan’s funding ratio declined by five percentage points during the second quarter of 2012, from 83% to 78%.  With this decline, it is estimated that plan funded statuses have remained approximately flat thus far in 2012, erasing all of the gains plans experienced in the first quarter.

June 2012

  1. UBS SME barometer: The gloomy month of May

    After six months of recovery, the economic situation deteriorated ubSin May for both SMEs and large companies. In the manufacturing sector, SMEs were only marginally above the level for last November. By contrast, large companies were still way above the November 2011 level, since their previous recovery was stronger. The difference between the two business groups was less distinct in the service sector.

  2. UBS declares monthly coupon payment on RWXL ETN

    New York, June 13, 2012 – UBS Investment Bank announces coupon payment for the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN (Ticker: RWXL), which is linked to The Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”).

  3. UBS tops European equity rankings for twelfth successive year

    UBS recognized as the leading European equity house in the Thomson Reuters Extel Survey

  4. UBS Launches Elevating Entrepreneurs in Chicago Metropolitan Area

    Small business owners to receive six months of pro bono strategic financial and business advice; UBS provides $5 million for small business loans in the Chicago area

  5. Higher growth in Switzerland

    Switzerland has got past the low point of the economic cycle. The economy has accelerated substantially in the past two quarters. The Swiss labor market is in good shape. These are the conclusions drawn by the economists at UBS CIO Wealth Management Research in the latest edition of UBS outlook Switzerland.

May 2012

  1. UBS Wealth Management Americas and Mayor Antonio Villaraigosa’s Office of Economic and Business Policy Launch Elevating Entrepreneurs in Los Angeles Metropolitan Area

    Small business owners to receive six months of pro bono strategic financial and business advice

  2. Continued upward trend in April

  3. UBS expands suite of income yielding products with 2 ETRACS ETNS designed to deliver high monthly income potential and leveraged exposure to blue-chip dividend indexes

    New York, May 23rd, 2012 – UBS Investment Bank announced that today is the first day of trading on the NYSE Arca for 2 new ETRACS Exchange Traded Notes (“ETNs”) linked to the Dow Jones U.S. Select Dividend IndexSM and the

  4. UBS declares monthly coupon payment on RWXL ETN

    UBS Investment Bank today announced a coupon payment for the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN (Ticker: RWXL), which is linked to The Dow Jones Global ex-U.S. Select Real Estate Securities Index.

  5. UBS Real Estate Bubble Index is heading towards the risk zone

    The UBS Swiss Real Estate Bubble Index reached 0.95 index points in the first quarter of 2012, registering just below the risk zone. Given current trends, however, we expect the Real Estate Bubble Index to enter the risk zone in the present quarter. Saanen-Obersimmental, Unteres Baselbiet and Limmattal have joined the ranks of exposed regions.

April 2012

  1. UBS launches ETRACS exchange traded note providing exposure across commodities and across their respective futures maturities

    ETRACS DJ-UBS Commodity Index 2-4-6 Blended Futures (Ticker: BLND) Is the first ETN linked to the second generation of the most widely followed commodities index

  2. UBS launches App for IPad® for creating client algorithms:"UBS Quant on Demand Studio"

    -First offering from ‘UBS Quant on Demand’ Execution Consulting Platform

  3. UBS launches education initiative to mark its 150th anniversary

    UBS is marking its 150th anniversary with the launch of a broad-based international education initiative. Its main focus will be the establishment of the UBS International Center of Economics in Society at the University of Zurich.  Five additional fields of education will be supported through the funding of projects for different age groups with the goal of strengthening Switzerland's reputation as a location for education and business.

  4. UBS Wealth Management Americas Publishes “Political Transition: Risks Beyond Elections,” Volume II in its Election Watch 2012 Series, at Chicago exclusive client event

    Robert J. McCann, Chief Executive Officer of UBS Wealth Management Americas (WMA), hosted an exclusive client event in Chicago as part of WMA’s ongoing Revitalizing America Initiative, which aims to forge common ground and discuss nonpartisan ways to revitalize the U.S. economy.

  5. UBS announces monthly changes to the UBS Next Generation Internet Index

    UBS Investment Bank announced today that following the close of business on April 3, 2012, the following changes to the UBS Next Generation Internet Index (NYSE ticker symbol “NETIPO”) were implemented.

March 2012

  1. UBS Launches ETN With High Monthly Income Potential And Leveraged Exposure To International Real Estate Securities

    UBS Investment Bank announced that today is the first day of trading on the NYSE Arca for the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN (Ticker: RWXL). RWXL is linked to the monthly compounded 2x leveraged performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”), reduced by investor fees. 

  2. UBS Wealth Management Americas launches the Wealth Management Research Advisory Board

    UBS Wealth Management Americas and its dedicated research arm, Wealth Management Research (WMR), today announced the creation of the Research Advisory Board.

  3. UBS launches the Cantonal Competitiveness Indicator

    Swiss cantons differ in their economic competitiveness. Zurich, Basel-Stadt and Zug occupy the podium places in 2012, according to the latest analysis from UBS Wealth Management Research.

February 2012

  1. UBS Launches Algorithmic Client Trading Strategy for Illiquid Securities

    UBS today announced the global launch of a new algorithmic trading strategy called “UBS Swoop,” a specifically designed trading strategy product to support clients on discontinuous liquidity and hard-to-trade or low-volume securities.

  2. UBS SME barometer: Pessimistic start to the new year for SMEs

    Having already cooled off at the start of 2011, the business climate continued to deteriorate in the fourth quarter of last year. Small and medium-sized enterprises (SMEs) overall, especially industrials, nevertheless rated their economic situation slightly better than large companies. For the new year SMEs anticipate further clouding of the business climate.

  3. UBS consumption indicator: record-high new car registrations show that consumer sentiment is robust

    Having risen towards the end of the last year, the UBS consumption indicator remained practically unchanged in January. The undiminished high level of new car registrations shows that consumer sentiment is robust.

  4. UBS Wealth Management Americas (WMA) launches Election Watch 2012, with the first report in the series providing in depth analysis of the critical issues associated with the 2012 elections

    WMA Hosts Revitalizing America: A Presidential Conversation on the Nation’s Economic Recovery with William J. Clinton and George W. Bush

  5. Clinton Foundation and UBS Wealth Management Americas Celebrate Successful Conclusion of Small Business Advisory Program Pilot in New York City Metro Area

    Philanthropic Program provided pro bono strategic, financial and business mentorship to 10 small business owners

  6. UBS Announces the Retirement of Senator Phil Gramm as Vice Chairman of the Investment Bank

    Senator Gramm to remain a consultant  to the firm

  7. UBS ETRACS Expects to Add Facebook to its ETRACS Next Generation ETNs, EIPO and EIPL

    UBS Investment Bank announced today that it expects its two ETRACS Next Generation Internet ETNs, EIPO and EIPL, to begin tracking the performance of Facebook Inc. shortly after its upcoming IPO.  Based on the rules and methodology of the ETNs’ underlying index, Facebook is expected to become a component stock of both EIPO and EIPL shortly after its IPO.

  8. UBS Real Estate Bubble Index: risk zone in reach

    The UBS Swiss Real Estate Bubble Index rose significantly to 0.80 in the fourth quarter of 2011. The index is thus edging closer to the risk zone. Basel-Stadt, Glattal-Furttal and Knonaueramt now also count as monitoring regions.

January 2012

  1. UBS Launches Algorithmic Trading into Mexico

    Bolsa Mexicana de Valores Factsheet and Electronic Trading FAQs


    UBS today announced the launch of algorithmic trading for international clients trading equities on Bolsa Mexicana de Valores in Mexico.  The addition of algorithmic trading strategies enhances clients’ ability to access this major Latin American market center, and complements UBS’s existing Direct Market Access (DMA) offering in the country.
    UBS is launching this offering in Mexico with a full suite of liquidity seeking, volume and price-sensitive strategies, including the award-winning UBS Tap.  UBS clients can use these algorithmic trading strategies to efficiently interact with liquidity on Bolsa Mexicana, sending electronic orders directly to the exchange without passing through an intermediary.

  2. UBS Wealth Management Research releases “The Decade Ahead: The Great Deleveraging”

    Updated report offers UBS clients investment strategies to address global deleveraging during “potentially disruptive time”

  3. US Pension Fund Fitness Tracker: Funding ratios improve during the Fourth Quarter of 2011

    The UBS Global Asset Management US Pension Fund Fitness Tracker, a quarterly indicator highlighting the underlying health and volatility of a typical US corporate defined benefit pension plan, found that the typical pension plan’s funding ratio improved by two percentage points during the fourth quarter of 2011, to 73% from 71%.  Despite the rebound in the final quarter, however, the typical pension plan’s funding ratio dropped during the full year 2011 by an estimated 11 percentage points, from 84% to 73%.

  4. UBS announces monthly changes to the UBS next generation internet index

    UBS Investment Bank announced today that following the close of business on January 3, 2012, the following changes were made to the UBS Next Generation Internet Index (NYSE ticker symbol “NETIPO”).

December 2011

  1. UBS consumption indicator: Down again in November

    The UBS consumption indicator fell by 0.09 points in November, propped up only by a sustained high level of new car registrations. UBS expects private consumption to pick up in 2012.

  2. UBS raises salaries for employees

    UBS will increase the total payroll for its employees in Switzerland, up to and including middle management, by 0.7%.

  3. UBS named #1 Global Economist in the US by Bloomberg Markets

    On Thursday, December 1, Maury Harris, Chief Economist at UBS, and his team, including Sam Coffin, Kevin Cummins, and Drew Matus, were ranked the No. 1 economic forecasters in the United States by Bloomberg Markets annual ranking.

  4. UBS SME barometer: Difficult economic environment

    In most industries, the economic downturn and the strong Swiss franc have affected small and medium-sized enterprises (SME) less than large companies. Nonetheless, SMEs will no longer be able to dodge the negative momentum in the third quarter. UBS WMR anticipates that economic growth in Switzerland will contract from 1.7 percent this year to 0.4 percent in the coming year due to the difficult economic environment.

November 2011

  1. UBS consumption indicator: Recovery continues

    In October, the UBS consumption indicator rose again by 0.09 points. A continuously high number of new vehicle registrations, benefitted by the present currency situation, is boosting the consumption indicator further.

  2. UBS Swiss Real Estate Bubble Index increases in the third quarter 2011

    The UBS Swiss Real Estate Bubble Index stands at 0.58 in the third quarter of 2011, which indicates a continuing boom on the real estate market. The MS-regions of Morges and Oberengadin have been newly added to the risk regions, and the regions of Unteres Baselbiet and Saanen-Obersimmental are now counted among the monitoring regions.

October 2011

  1. UBS salary survey: Wages expected to rise by 1 percent in 2012

    UBS is expecting base salaries in Switzerland to rise in this year's wage round by an average of 1.1 percent. This estimate is based on the latest UBS compensation survey.

  2. UBS consumption indicator: stabilization at a low level

    After a sharp drop in summer, Swiss consumption stabilized in September.

September 2011

  1. UBS consumption indicator: a distinct dip in August

    The UBS consumption indicator dropped 0.49 points in August. This represents the largest monthly decrease in nine years. At its current level of 0.79, the UBS consumption indicator is only marginally higher than during the previous two recessions in 2002/03 and 2008/09. Very poor business activity in the retail sector and deteriorating consumer sentiment were the main causes of the decline. Only new car registrations, which continue to be robust, escaped the downward trend (August: +9.1% year-on-year).

    The sudden drop in the UBS consumption indicator in August is attributable at least in part to the appreciation of the Swiss franc: the euro – franc exchange rate approached 1:1 during August. This extreme overvaluation may well have unnerved consumers and prompted them to cut some of their spending. Setting an exchange rate floor has noticeably reduced the uncertainty surrounding the exchange rate situation, and it is hoped that this will also lift consumer sentiment somewhat. In principle the strong franc is a positive development for consumers, because the reduction in prices that goes hand-in-hand with such an appreciation means consumers' purchasing power has increased. This is evident not least in the high number of new car registrations, which is likely to have been brought on by the exchange rate discount and an increase in direct imports.

  2. Leadership change at UBS

  3. UBS LAUNCHES TWO ISE SOLID STATE DRIVE™ INDEX EXCHANGE TRADED NOTES

    SIX ETRACS S&P 500 VIX FUTURES ETNS AND SIX ETRACS DAILY SHORT S&P 500 VIX FUTURES ETNS


    UBS Investment Bank announced that today is the first day of trading on the NYSE Arca for twelve new ETRACS Exchange Traded Notes (“ETNs”) linked to the daily performance of a particular index in the S&P 500 VIX Futures Index Series (each, an “Index” and collectively, the “Indices”). Investors now have the ability to trade, be it long or short, six specific VIX Index futures maturities, ranging from one month to six months.

    Each of the six ETRACS S&P 500 VIX Futures ETNs (the “Long ETNs”) provides investors with a long exposure to one of six underlying Indices, depending on the series of ETNs purchased. Each of the six ETRACS Daily Short S&P 500 VIX Futures ETNs (the “Short ETNs”) provides investors with a short exposure to one of six underlying Indices. The tickers for the Long and Short ETNs, as well as their constant maturities, are provided below.

  4. Media Release

    Zurich/Basel, 15 September 2011 - UBS has discovered a loss due to unauthorized trading by a trader in its Investment Bank. The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of USD 2 billion. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.

  5. UBS launches twelve ETRACS exchange traded notes linked to the CBOE volatility (VIX) Index

    SIX ETRACS S&P 500 VIX FUTURES ETNS AND SIX ETRACS DAILY SHORT S&P 500 VIX FUTURES ETNS


    UBS Investment Bank announced that today is the first day of trading on the NYSE Arca for twelve new ETRACS Exchange Traded Notes (“ETNs”) linked to the daily performance of a particular index in the S&P 500 VIX Futures Index Series (each, an “Index” and collectively, the “Indices”). Investors now have the ability to trade, be it long or short, six specific VIX Index futures maturities, ranging from one month to six months.

    Each of the six ETRACS S&P 500 VIX Futures ETNs (the “Long ETNs”) provides investors with a long exposure to one of six underlying Indices, depending on the series of ETNs purchased. Each of the six ETRACS Daily Short S&P 500 VIX Futures ETNs (the “Short ETNs”) provides investors with a short exposure to one of six underlying Indices. The tickers for the Long and Short ETNs, as well as their constant maturities, are provided below.

  6. UBS lowers economic forecasts

  7. UBS announces changes to the UBS Internet IPO Index

    UBS Investment Bank announced today that following the close of business on September 6, 2011, the following changes to the UBS Internet IPO Index (NYSE ticker symbol “NETIPO”) will be implemented.

    Index Additions: Carbonite Inc. (Ticker: CARB) and HomeAway Inc. (Ticker: AWAY)

    and Index Deletions: Rackspace Hosting, Inc. (Ticker: RAX), SciQuest, Inc. (Ticker: SQI) and Responsys, Inc. (Ticker: MKTG)

    About the UBS Internet IPO Index
    The UBS Internet IPO Index (the “Index”) is intended to measure, on a total-return basis, the performance of a subset of Internet-related companies listed on the NYSE or NASDAQ that satisfy specified market capitalization and other eligibility requirements. The Index provides exposure specifically to those Internet-related companies that have been publicly traded for less than three years. The Index currently serves as the reference index for the ETRACS Internet IPO ETN (NYSE: EIPO) and the Monthly 2xLeveraged ETRACS Internet IPO ETN (NYSE: EIPL). Standard & Poor's Financial Services LLC serves as the calculation agent for the Index. The top 10 holdings in the Index, as of September 1, 2011, are as follows:

August 2011

  1. UBS Wealth Management adds new faces to Yorkshire Office

    UBS today announced the addition of two new client advisor assistants to its wealth management service in Yorkshire.

    Lisa Helliwell and Sunjeet Kalsi have extensive experience within the financial sector, working for household names and premier client banks.

    These appointments represent further investment in the new Yorkshire service, building upon the area's strong potential for growth. The service offers high net worth individuals and trustees a complete range of tailored advice including UK and global investment services.

    Lisa and Sunjeet will be key points of contact for clients, assisting UBS Wealth Management's advisors, Neil King, Claire Kerr, Karen Vardy and James Copeland.

    Lisa has worked for the last decade in similar support positions with the Yorkshire operations of the Bank of Ireland, Anglo Irish and RBS.

    Sunjeet moves to Yorkshire from London, where she has spent the last five years working in foreign exchange with Raphaels Bank, in Piccadilly.

    Jonathan Brown, Head of the UK Regional Business said:-

    I am delighted to welcome Lisa and Sunjeet, their existing knowledge and experience will enable us to provide a first class service to our clients and further strengthen the Yorkshire team.

    Links
    www.ubs.com

    UBS AG

    Media contact
    Recognition PR: +44 1325 363436
    UK: +44 20 7568 9982

  2. UBS SME barometer: Situation of SMEs varies according to sector

    In the construction industry, in tourism and above all in the retail sector, SMEs fared better in the second quarter than large corporations. In industry, however, the opposite applies. Retail companies continue to struggle in a difficult business environment, with large companies forced to accept a massive worsening of their situation, particularly with regard to turnover and sales prices. Overall, falling prices present a persistent problem, regardless of company size.

  3. UBS Swiss Real Estate Bubble Index virtually unchanged during the second quarter 2011

    The quarterly UBS Swiss Real Estate Bubble Index currently stands at a level of 0.65. This represents a minor increase of 0.02 index points compared to the prior quarter.

July 2011

  1. UBS MTF Launches Interoperability of Central Counterparties (CCPs)

    UBS MTF, the multilateral trading facility operated by UBS Limited, today announced the activation of EuroCCP to join SIX x-clear Ltd as clearing counterparties for cash equity trades executed on UBS MTF. Members of UBS MTF will now be able to choose between the two interoperating central counterparties (CCPs) when clearing and settling their trades in European cash equities.

    The activation follows approval from UK and Swiss regulators for interoperability, an offering that UBS MTF sought to make available to its subscribers since its inception in November 2010.

    UBS MTF was the first broker-operated MTF to feature a CCP model and will be among the first to offer full interoperability.

  2. US Pension Fund Fitness Tracker: Funding Ratios Slightly Decreased The Second Quarter of 2011

    The UBS Global Asset Management US Pension Fund Fitness Tracker, a quarterly indicator highlighting the underlying health and volatility of a typical US corporate defined benefit pension plan, found that the typical pension plan's funding ratio decreased by slightly less than 2% during the second quarter.

    This result was primarily driven by two factors:
    • Increased liability values resulted from a strong rally in US Treasury yields. This decrease in interest rates, which was only marginally offset by a widening of credit spreads, led to a lower corporate bond yield curve and pension discount rate.
    • Performance was mixed across asset classes, with a slight increase in global equities and sizable increases in fixed income assets, leading to somewhat positive returns on pension assets.

    Commenting on the results, Francois Pellerin, Head of Asset Liability Investment Solutions, said “For many sponsors, Q2's adverse performance has erased more than half of Q1's funded status improvements. Although funded positions are still well ahead of where they were at this time last year, sponsors who have adopted a pension risk management framework have experienced higher funded status protection during Q2.”

    Exhibit 1: Decreased funding ratio driven by increases in liabilities and flat return in assets

    US Pension Fund Fitness Tracker of the typical US corporate plan's funding ratio

  3. UBS declares quarterly coupon on six ETRACS exchange traded notes

    THREE LINKED TO ALERIAN MLP INDEXES
    ONE LINKED TO WELLS FARGO MLP INDEX
    TWO LINKED TO WELLS FARGO BUSINESS DEVELOPMENT COMPANY INDEXES



    UBS Investment Bank today announced the quarterly coupon amounts for six ETRACS exchange traded notes (ETRACS ETNs), all traded on the NYSE Arca. Three of the ETNs are linked to Alerian MLP Indexes – ETRACS Alerian MLP Infrastructure ETN (Ticker: MLPI), ETRACS 2x Monthly Leveraged Long Alerian MLP Infrastructure ETN (Ticker: MLPL) and ETRACS Alerian Natural Gas MLP Index ETN (Ticker: MLPG). One ETN is linked to the Wells Fargo MLP Index – ETRACS Wells Fargo MLP ETN (Ticker: MLPW). Two of the ETNs are linked to the Wells Fargo Business Development Company Indexes – ETRACS Wells Fargo Business Development Company ETN (Ticker: BDCS) and ETRACS 2x Leveraged Long Wells Fargo Business Development Company ETN (Ticker: BDCL).

    The table below summarizes the coupon amounts for the six notes:

  4. Axel Weber to be nominated for election to UBS Board of Directors in 2012 and to be appointed Chairman in 2013

    At the Annual General Meeting on 3 May 2012, the Board of Directors will nominate Axel Weber for election to the Board. If elected, the Board will appoint him non-independent Vice- Chairman. In 2013 he will be nominated to succeed Kaspar Villiger as Chairman of the Board.

June 2011

  1. UBS Global Asset Management increases scale and distribution in Australia

    UBS Global Asset Management increases scale and distribution in Australia UBS today announces it has entered into a binding agreement to acquire ING Investment Management (Australia) Limited (“ING IM”), subject to Dutch Central Bank approval. The acquisition of INGIM into UBS Global Asset Management is expected to close in the fourth quarter of 2011.

    ING IM is one of the largest independent investment managers in Australia, managing substantial investment portfolios on behalf of ANZ, one of Australia's leading retail banks. The acquisition of ING IM will significantly increase UBS Global Asset Management's market presence in Australia and position the business in the country's top ten investment managers by size*.

    In addition to the acquisition of ING IM, UBS Global Asset Management has entered into a broader business relationship with ANZ under which it will provide investment advisory services to ANZ. ANZ will continue to manage its distribution and client relationships associated with this business.

    Ben Heap, Head of UBS Global Asset Management, Australia and New Zealand, said: “We are delighted with the ING IM acquisition and concurrent agreement with ANZ. The acquisition significantly increases the scale and distribution of our business while the agreement with ANZ provides a cornerstone relationship in the dynamic Australian retail market.

    “UBS Global Asset Management has a long history of delivering domestic and international investment solutions to its institutional and retail clients. We look forward to extending our offering to both ANZ and ING IM's clients.”

    The relationship with ANZ is intended to be long term, with the potential to be broadened in scope to leverage our strengths in investment management, research, asset allocation and advisory services.

    * Source: Rainmaker based on data as at 31 December 2010

  2. UBS appoints Antanas Petrosius as Deputy CEO for Russia and CIS and Head of Investment Banking for Russia and CIS

    Petrosius joins UBS from Credit Suisse, where he was Co-Head of IBD Russia and Chief Executive Officer for Credit Suisse Kazakhstan. Since joining Credit Suisse in 2000, he has also been a member of the Emerging Markets Coverage team within the Fixed Income Department focusing on structured finance and derivative solutions.

  3. UBS announces two new exchange traded notes designed to take advantage of contango in the oil and natural gas markets

    ETRACS Natural Gas Futures Contango ETN (Ticker: GASZ)
    ETRACS Oil Futures Contango ETN (Ticker: OILZ)



    UBS Investment Bank today announced the launch of two new Exchange Traded Notes (“ETNs”) designed to take advantage of potential contango in the oil and natural gas markets, adding to its fast growing family of ETRACS – Exchange Traded Access Securities. The ETRACS Natural Gas Futures Contango ETN began trading today on the NYSE Arca under the ticker symbol GASZ. The ETRACS Oil Futures Contango ETN also began trading today on the NYSE Arca under the ticker symbol OILZ. These ETNs are designed to capitalize on contango in oil and natural gas futures markets, while minimizing the exposure to absolute changes in the underlying prices of these commodities.

    “We have seen the effects of contango and negative roll yield on the returns of futures-based commodity exchange traded products,” said Christopher Yeagley, Managing Director and US Head of Equity Structured Products. “Now investors have the opportunity to take advantage of the term structure for each of these respective futures markets, without taking a directional view in the underlying commodity.”

    ETRACS GASZ ETN is linked to the performance of the ISE Natural Gas Futures SpreadTM Index. This Index, through a series of investments in natural gas sub-indices, effectively provides short exposure in front month natural gas futures contracts and long exposure in far-term natural gas futures contracts.

    ETRACS OILZ ETN is linked to the performance of the ISE Oil Futures SpreadTM Index. This Index, through a series of investments in oil sub-indices, effectively provides a 1x short exposure in front month oil futures contracts and a 1.5x long exposure in mid-term oil futures contracts.

    About ETRACS

    For further information about ETRACS ETNs go to http://www.etracs.com.


    Exchange Traded Access Securities, ETRACS, are exchange-traded notes, or ETNs, an innovative class of investment products offering access to markets and strategies that may not be readily available to investors, and offer unique diversification opportunities in a number of different sectors. ETNs offer:

    • Access to asset classes with historically low correlations to more traditional asset classes
    • Convenience of an exchange-traded security
    • Transparent exposure to a published index.


    ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor's principal, and is subject to the creditworthiness of UBS. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the prospectus supplement for the ETRACS ETN.

    There are 20 other ETRACS ETNs:

May 2011

  1. UBS launches new options algorithms

    UBS Investment Bank announced today that it has launched a new suite of intuitive algorithms and tactical order types for trading US Listed Options. Its new offering will be an enhancement to the existing suite, enabling clients to more effectively manage orders and better navigate the rapidly evolving trading market.

    This expanded offering builds on UBS's market expertise in US Listed Options. The bank was one of the first brokers to offer algorithmic trading strategies for options over three years ago. The offering is now being expanded to include an array of more nuanced liquidity and volume-sensitive order types. One addition is UBS Options TapNow, an urgent liquidity-seeking strategy that is a variation of the firm's award-winning cash equities algorithm, UBS Tap.

    “In response to the significant increase in growth and sophistication of the market, as well as our clients' requests for more efficient ways to route their orders, we developed these new options algorithms,” said Owain Self, Global Head of Algorithmic Trading for UBS. “We are excited to expand our options offering to include a diverse array of new order types that will enhance our clients' trading performance.”

    These algorithmic strategies and tactical order types are available on UBS's own Pinpoint execution management system, and are live and being deployed with over a dozen third party OMS and EMS platforms that already carry UBS US Listed Options algorithms.

    The seven new order types include:

    1. Options TapNow: Seeks to minimize market impact while intelligently seeking aggressive execution up to a limit price.
    2. Options Premium Trigger: Allows you to place an options order that is relative to the price of the option premium, rather than the underlying security.
    3. Options Float: Allows you to float your order in the market pegged to the passive side of the spread.
    4. Options Hidden: Holds your order off the exchange until your desired price is available.
    5. Sweep Display: Aggressively sweeps at the market until the order is filled or no longer available, posting on multiple markets simultaneously.
    6. Sweep No Display: Aggressively sweeps at the market until filled or no longer available. Unmarketable orders are held back until the displayed price is in your limit.
    7. Sweep IOC: Executes a wave of immediate or cancel orders across multiple markets simultaneously, cancelling any residual unfilled shares.


    UBS's existing suite of Direct Market Access order types and algorithms, including Options TWAP and Options Delta Adjust, will continue to be available, as well.

April 2011

  1. UBS first-quarter profit before tax CHF 2.2 billion; Group net new money CHF 22.3 billion; Tier 1 capital ratio 17.9%


    For the first quarter of 2011 we report higher profits than in the fourth quarter of 2010. Net new money for the Group was positive, with positive net flows recorded across all of our asset-gathering businesses confirming the return of client trust and confidence. Our Basel II tier 1 capital ratio remains among the highest in the industry.

  2. UBS launches Hong Kong Campus of UBS Business University

    Established in response to the increasing demand for financial talent in Hong Kong and the region, the new campus will provide training for employees new to UBS and the industry as well as on-going professional development to existing staff.

    “The growth of our business and the increasingly sophisticated needs of clients require more educated, qualified employees,” said Chi-Won Yoon, Co-chairman and CEO of UBS AG, Asia Pacific. “The new campus will go a long ways towards making sure everyone at UBS in Asia is best in class; it also will spur research and innovation.”

    Yoon noted the university will help put the firm's business strategy into practice by building an integrated, client-centric organization with leaders who communicate clearly and consistently. “Our goal is to increase leadership and management abilities while building particular competencies in legal, compliance and risk management,” he said.

    “With its highly-educated talent pool, robust financial services sector and open regulatory environment, Hong Kong is a compelling choice to locate UBS Business University's second campus in Asia. On a more practical level, the facility in Li Po Chun Chambers represents an effective investment for internal training,” noted Allen Lo, Country Head of UBS AG Hong Kong Branch.

    He continued: “An ongoing challenge for finance and banking in the region is the scant availability of talent. At UBS, our commitment to training and career development is a cornerstone of the firm's success and a key differentiator to our competitors. As long ago as 2007 we launched the UBS Wealth Management Campus, a forerunner of the UBS Business University.”

    Training on the campus is delivered by senior managers as well as external and internal subject experts who seek to promote leadership capabilities and improve professional skills.

    In an effort to ensure global and regional alignment, the Business University team is cross-regional and cross-functional and, with staff located in Hong Kong, Singapore, Tokyo, Melbourne, Beijing and Taipei, the offering is delivered locally wherever possible. The UBS Business University serves all business division for their learning and development globally.

    Organised along three faculties, Leadership, Advisory, and Finance and Risk, the Business University seeks both to align training and education for UBS employees around the world and promote a culture of continuous improvement and development.

    The new facility will augment existing education and conference centres in Schloss Wolfsberg and Seepark Thun in Switzerland as well as the Business University's first campus in Asia located at the historic Command House in Singapore.

    Since its launch in 2007, the Singapore campus has delivered around 24,000 training days and approximately 2,000 training events.

  3. UBS Securities Research now available on iPad and iPhone

    UBS Investment Bank announced today that it has launched a Securities Research app for Apple mobile devices. UBS provides institutional clients one more convenient way to access UBS Securities Research on their iPhone, iPad and iPod touch devices.

March 2011

  1. UBS Consumption Indicator: decline continues in February

    The UBS Consumption Indicator continued to fall in February. After declining in January, the index lost another 0.20 points and now stands at 1.46 points. Sub-indicators, however, paint an uneven picture. The strongest February in 10 years for new car registrations (an increase of more than 20% compared to the same month in the previous year), the positive trend in overnight stays and brightening consumer sentiment were unable to compensate the steep slump in the retail sector. After two months of significantly higher figures, business activity in the retail sector declined sharply in February. This sub-index is highly volatile, however, making a rapid recovery from the momentary slump appear possible.

  2. Agenda for the Annual General Meeting of UBS AG on 28 April 2011


    Zurich/Basel, 25 March 2011 - UBS AG today published the agenda for the Annual General Meeting (AGM) on 28 April 2011. The agenda items are as follows:

  3. UBS publishes Annual Report 2010


    Zurich/Basel, 15 March 2011 - UBS's Annual Report for 2010 provides comprehensive information on the firm, its strategy, business, governance and financial performance. It contains both audited and unaudited information.

    • UBS's net profit attributable to shareholders for 2010 was CHF 7.5 billion
    • 2010's diluted earnings per share were CHF 1.96

  4. The recovery forges ahead

February 2011

  1. UBS outlook Switzerland Q1 2011 - Global economic growth offsetting impact of strong franc

    UBS Research Switzerland expects continuing global economic expansion, driven chiefly by the emerging countries. Global growth should continue to substantially compensate for the negative impact of the strong franc on exports going forward. Foreign trade is expected to contribute little to growth this year. The persistent strength of the domestic economy should again provide for robust economic growth of more than two percent in 2011. If the franc weakens again, net exports will boost growth considerably after a six-month delay. If by then the domestic economy has not cooled off, Switzerland's economy will run the risk of overheating.

    UBS Research Switzerland does not foresee the franc rising any further. Thus the mitigating effect on inflation afforded by the strong franc will no longer be there this year. Rising commodity prices and a booming domestic economy will create inflationary pressures. For 2011 UBS economists are predicting moderate inflation of 0.9 percent, rising to around two percent in 2012.

    Monetary policy to remain a balancing act
    The Swiss National Bank (SNB) continues to attempt a balancing act in its monetary policy by trying to keep the domestic economy strong while attending to the vulnerable export sector. Exporters still need low interest rates to keep the strong franc from rising even further. On the other hand, the booming domestic economy and property markets call for significantly higher interest rates. The SNB will have to strike some kind of compromise in an effort to promote the country's best interests overall. Such a solution would however likely be unsatisfactory for interested parties on both sides. For exporters, monetary policy will be too restrictive and the franc too strong. For the domestic economy and property markets on the other hand, monetary policy will be too expansive and interest rates too low, posing a risk of overheating and price increases. In view of the booming domestic economy, the rise in inflation forecast by UBS Research Switzerland and the strength of the property market, the SNB is expected to announce its first move with regard to interest rates at the June meeting.

    The results of the quarterly UBS economic survey of industrial and service companies on the subject of expected business development support UBS's economic forecasts. The UBS economic indicator registers solid 3.3% growth for the Swiss economy in the fourth quarter of 2010. At 3.2% the index remains at quite a high level in the first quarter, indicating that growth is not slowing significantly.

    An extensive analysis of economic developments in Switzerland and abroad as well as in-depth details of the survey can be found in the latest edition of UBS outlook Switzerland. In the quarterly publication, UBS economists also take a close look at the currency situation and the real estate market in Switzerland. The special topic in this issue is the consequences for Swiss companies of a revival in protectionism. This publication is available in German, French and Italian.

  2. UBS fourth quarter net profit attributable to shareholders of CHF 1.3 billion. Full year net profit of CHF 7.2 billion

    • For 2010, net profit attributable to UBS shareholders was CHF 7.2 billion compared with a loss of CHF 2.7 billion in 2009. 2010 diluted earnings per share of CHF 1.87 compared with negative CHF 0.75 in 2009, and return on equity of 15.9 % for 2010 compared with negative 7.8% at the end of last year
    • During 2010 our BIS tier 1 capital ratio increased to 17.7% from 15.4% and our BIS core tier 1 capital ratio increased to 15.3% from 11.9% at the end of 2009. We will continue to retain earnings to meet capital requirements and will not pay a dividend for 2010
    • Cost discipline maintained; we achieved our fixed cost target of less than CHF 20 billion for 2010

  3. Sally Bott not to stand for re-election at UBS Annual General Meeting on 28 April 2011


    Zurich/Basel, 7 February 2011 - UBS today announces that Sally Bott, member of the UBS Board of Directors, will not stand for re-election at the UBS Annual General Meeting on 28 April 2011. UBS will announce in due course if it will nominate an additional candidate for election to the Board of Directors.

    Sally Bott informed the Board of Directors that she will pursue other endeavours and therefore will not stand for re-election.

    Sally Bott was elected to the Board of Directors at the October 2008 Extraordinary General Meeting. She chairs the Human Resources and Compensation Committee and is also a member of the Corporate Responsibility Committee and the Governance and Nominating Committee.

    Kaspar Villiger, Chairman of the Board of Directors of UBS, said: "I greatly regret that Sally Bott is leaving our Board. Her in-depth knowledge in the field of human resources was an invaluable asset for the Board during the past two and a half years. I thank Sally for her outstanding contributions and great commitment and wish her every success and fulfilment in the future."

January 2011

  1. UBS to become a main partner of the Swiss Federal Wrestling and Alpine Games Festival in 2013

    The Swiss Federal Wrestling and Alpine Games Festival enjoys great popularity among all age groups and sections of the population. At the next Schwingfest, or wrestling festival, due to take place in Emmental in 2013, UBS will again, as it did in 2007, take on a sponsoring commitment as one of six main partners.

    The Swiss Federal Wrestling and Alpine Games Festival stands for values such as tradition, familiarity and authenticity, but also emotionality and professionalism. «No other sport is so directly associated with traditional authentic Swiss customs as alpine wrestling,» said Lukas Gähwiler, CEO UBS Switzerland. «This commitment shows our close bond with Switzerland.»

    UBS has supported numerous major events in the area of sports and culture in Switzerland for many years. This support encompasses UBS's partnership with Swiss Tourism and its sponsorship of the grass-roots youth event, UBS Kids Cup – one in a series of competitive track and field events for youths aged 7 to 15 conducted throughout Switzerland. The Swiss Federal Wrestling and Alpine Games Festival optimally supplements this sponsorship portfolio.

  2. UBS Global Asset Management Launches Fixed Income Opportunities Fund

    The Fund seeks to outperform 3-month LIBOR by 3%, net of fund ordinary operating expenses, over rolling five-year time horizons. 1 Unlike a traditional core bond fund, the Fund offers: less reliance on favorable markets for positive client outcomes, the flexibility to invest opportunistically across regions, markets and sectors, and the ability to take both long and short positions to manage risk exposures.

    The Fund employs a structured investment process combining a top-down global strategy, along with fundamental bottom-up analysis that seeks to generate returns. Risk management systems and tools are applied at every point in the process to ensure risks are understood and duly compensated.

    "One key advantage of the Fund is that it is unconstrained by a benchmark, unlike traditional bond funds, and it can adjust its duration to be either positive or negative, based on the investment team's outlook for the direction of interest rates," said Brian Fehrenbach, Head of Fixed Income Derivative Strategy. "This presents the potential to achieve favorable returns regardless of the direction of interest rates."

    The Fund is an alternative strategy for investors who seek less reliance on favorable equity and fixed income markets, or it can be a substitute for a portion of a portfolio's fixed income component for investors who are concerned about the possibility of rising interest rates, or want a fixed income portfolio with more flexibility than a traditional fixed income portfolio.


    For more information, contact your Financial Advisor, or UBS Global Asset Management at 888-793 8637 for a current Fund prospectus. Or, visit us on the Web at www.ubs.com/globalam-us. Investors should carefully read the prospectus and carefully consider the Fund's investment objectives, risk, all charges, expenses and other matters of interest before investing. The prospectus contains this and other information about the Fund. It's important you have all the information you need to make a sound investment decision.

  3. UBS Declares Quarterly Coupon on Four E-TRACS MLP ETNs

    The table below summarizes the coupon amounts for the four notes.

December 2010

  1. UBS appoints Tien-Cheng Lee as Taiwan Country Head and Branch Manager of UBS AG, Taipei Branch

    “We are delighted that TC has joined UBS as our new country head. Taiwan is a critically important market for UBS and by combining TC's wealth of experience with the strength of our business, we will maintain our positive momentum within this market,' said Chi-Won YOON, Co-Chairman and Co-CEO, UBS Group Asia Pacific.

    TC has more than 35 years experience in the financial services industry in Asia. For the past six years he served as country head of DBS Bank, Taiwan, overseeing both corporate and investment banking and treasury and trading. Prior to this, TC was managing director and chief country officer for Deutsche Bank in Taiwan and Taiwan country manager for Bankers Trust. In his early career, TC worked for Citicorp in Taiwan, Thailand and Hong Kong, as well as for AIG and SGV-Soong & Co, also in Taiwan.

    “UBS has been a key provider of financial services to Taiwanese clients for more than 20 years and under TC's leadership we will continue to bring UBS's global expertise to the market. We build on our strong relationships with the regulator and our clients, while integrating the business yet further into our global business model,” said Alex WILMOT-SITWELL, Co-Chairman and Co-CEO, UBS Group Asia Pacific.

    UBS has a highly regarded franchise in Taiwan: its Wealth Management business has been named the top Private Bank1 in Taiwan for the past three years; the Investment Bank is recognized as providing the best sales, trading and execution services in Taiwan, in addition to publishing the market's best equity research2 ; and this year, UBS Global Asset Management Taiwan has won 10 awards and is now ranked third among all fund distribution houses in Taiwan in terms of total number of awards received.3

    1Asiamoney Private Banking Poll 2007-2010
    2Asiamoney Brokers Poll 2009-2010
    3 Lipper Fund Award 2010 Taiwan

November 2010

  1. Swiss SMEs: Employment increasing again

    Swiss SMEs were able to slightly bolster their sales in the third quarter. However, the results vary depending on the sector and industry. This is reflected by a survey that UBS conducts on a quarterly basis, in cooperation with the Swiss Trade Association (SGV), within the context of its SME barometer. In industrials, the service sector and the tourism industry companies increased their sales volume; companies in the building and retail sectors, however, were only able to keep their revenues stable. On average, SMEs slightly increased their employment level and stabilized their cash flow and profit. In the area of sales prices alone, a slight deterioration was detectable in comparison to the previous year, though the downward trend reflected by this indicator has slowed somewhat.

    The building industry is still struggling
    In the building industry, the situation remains tense for SMEs. Even though sales volumes stabilized and the workforce increased slightly in the third quarter, building contractors continue to see a deteriorating trend in sales prices, profit and cash flows as compared to the previous year. According to the forecast of the companies surveyed, this trend will not change in the next quarter. The situation is similar in large companies, though large companies achieved better sales results in the third quarter and significantly improve their business results.

    As in the previous quarter, SMEs in the manufacturing sector improved their revenues and said they expect this trend to continue in the next quarter. This also applies to cash flow. In the case of both revenue and cash flow, SMEs perform slightly better than large companies. No differences can be observed in the employment level, which has stabilized in comparison to the previous year, in either large or small companies.

    In the service sector, SMEs have not recovered as well as the large companies. However, SMEs on average suffered somewhat less during the economic crisis. They improved their profits and cash flow last quarter, though not to the same degree as companies with 250 or more employees. The same holds true for sales prices, where the result varies depending on the size of the company. The large companies managed to slightly raise their sales prices, while SMEs only stabilized them. Based on the expectations of the companies, these differences will continue in the next quarter.

    In the tourism sector, SMEs have the edge
    After going through an extended lean period, the companies in the tourism sector can slowly breathe a sigh of relief. SMEs slightly increased year-on-year sales, cash flow and profit for the first time since the economic crisis. Large companies performed similarly but only managed to hold cash flow stable at the previous year's level. All companies were able to stabilize employment and sales prices.

    In the retail sector, the sales prices and profits of SMEs fared somewhat better than those of their bigger counterparts. Like large companies, SMEs were also affected by a deterioration in sales prices in comparison to the previous year, though it was not as bad. The picture is similar for the employment indicator. In stark contrast, cash flow and profit indicators behaved in an opposite manner, with large corporations achieving a significantly better result than SMEs.

    About 44% of the service sector companies surveyed responded that their administrative workload remained constant in a year-on-year comparison, while 49% expected a slight increase. Only about 3% expected the work in this area to decline. In the current quarter, more than half (53%) of the industrial firms surveyed mentioned that their administrative workload increased, 38% determined that there was no year-to-date change, and only about 4% noted "a significantly increased workload."

  2. UBS provides client access to Chi-East

    Effective immediately, UBS clients may execute trades directly on Chi-East. The move is the latest step in UBS's global liquidity strategy of connecting to high-quality external liquidity pools and providing its clients with an expanded source of liquidity as well as best execution. UBS was also one of the first brokers traded on Chi-X Japan when it launched at the end of July this year.

  3. UBS outlook Switzerland Q4 2010 - The Swiss economy thrives despite the strong franc

    UBS Research Switzerland expects the Swiss economy to enjoy surprisingly strong growth over the next two years, despite the strong Swiss franc weighing on exports. Various factors support this view.

    For one thing, the treaty on freedom of movement and residence within the European Union has made it easier for companies to hire qualified staff. Brisk population growth since 2007 has also supported consumption and increased the demand for residential property. Given the Swiss National Bank's expansive monetary policy and the global economic upturn, UBS Research Switzerland thinks the Swiss economy should exceed most growth forecasts for 2011.

    In concrete terms, UBS Research Switzerland expects real economic growth of 2.3% next year and 2.1% in 2012. This relatively strong growth should drive inflation up from its current level of almost zero to around 2% in 2012.

    The quarterly UBS economic survey of industrial and service companies on their expected business development supports these forecasts. The survey reveals that companies expect the recovery to taper off somewhat in the fourth quarter after the strength seen earlier this year. The UBS economic indicator, based on the survey, has posted some very high values lately, indicating economic growth of 3-4% for the second half of this year.

    The new UBS outlook Switzerland analyzes economic developments in Switzerland and abroad and presents the details of the UBS economic survey. UBS economists discuss the Swiss franc's prospects for the rest of this year and take a close look at the country's real estate market. Finally, the issue of corporate succession receives careful consideration.

October 2010

  1. UBS Consumption Indicator shows consumer demand deteriorated in September

    After a six-month climb, the UBS Consumption Indicator decreased significantly in September, falling by 0.25 points to 1.70. In August, it reached a level of 1.95. The drop is partly due to declining business in the retail sector. Furthermore, although new car registrations in September were still 5.3% above the previous year's level, in August the growth was 11.9%. Finally, even the momentum of domestic overnight hotel stays by Swiss residents declined.

    Most of the sub-indicators used to calculate the Consumption Indicator are very volatile, thus making the Consumption Indicator itself subject to random fluctuations. The latest decline thus does not necessarily represent a turning point.

    We expect that consumption will continue to grow robustly in the coming quarters. Low interest rates and an improvement in the labor market, as well as the ongoing strong increase in the permanent resident population, should continue to support private consumption. For 2010 as a whole, UBS expects growth in private consumption of 1.8%, and 1.7% for 2011. The Consumption Indicator's current level of 1.70 thus precisely reflects our expectations for this year's consumption growth.

    The UBS Consumption Indicator is calculated from five sub-indicators: new car registrations, business activity in the retail sector, the number of domestic overnight stays in hotels by Swiss residents, the consumer sentiment index and credit card transactions via UBS at points of sale in Switzerland.

  2. UBS third quarter net profit attributable to shareholders of CHF 1,664 million; diluted earnings per share of CHF 0.43

    Revenues affected by unusually low levels of client activity; management responded by reducing costs                                                                                                                                             Results include a CHF 825 million net tax credit and an own credit charge of CHF 387 million; profit before tax of CHF 818 million

  3. Daniel Kalt to become new Chief Economist Switzerland

    UBS has appointed Daniel Kalt to the post of Chief Economist Switzerland, effective 1 November 2010. In his new function, he will report to Andreas Höfert, UBS Chief Economist for Wealth Management & Swiss Bank. Andreas Höfert will continue to analyze global economic and investment themes, while Daniel Kalt will mainly address the latest developments in the Swiss economy.

    Daniel Kalt (born in 1969) has been with UBS since 1997, when he joined the bank as an economist in Research Switzerland. From 2000 onwards he worked in credit portfolio management for the corporate and private client credit business in Switzerland. Since 2003 he has held various management positions at UBS Wealth Management Research, most recently as head of economic analysis.

    Andreas Höfert: «Switzerland is so important for UBS that we wanted to have a specialized chief economist for this market. For our clients in Switzerland, we will produce more analyses and recommendations which focus on the Swiss economy.»

    Daniel studied Economics at the University of Zurich and completed his doctorate at the University of Bern in 2000 with an investigation into the credit and real estate crisis in Switzerland in the 1990s.

    Daniel works closely with the management team of UBS Switzerland under the leadership of Lukas Gähwiler.

September 2010

  1. UBS Consumption Indicator continues to go up

    The UBS Consumption Indicator continued to rise in August. It increased to a value of 1.95 from its July level of 1.88.

    As in the previous month, the rise in the Consumption Indicator in August had a broad base, with all sub-indicators contributing to the increase. The number of new car registrations was particularly strong: 11.9% more cars were registered in August compared to the previous year.

    According to estimates published by the State Secretariat for Economic Affairs (seco) at the start of September, private consumption declined in the second quarter of this year when adjusted for inflation. The growth of private consumption thus fell from an annualized rate of 2.2% in the first quarter to 1.5% in the second quarter.

    This decline is hard to reconcile with the increase in the UBS Consumption Indicator. Low interest rates and an improvement in the labor market, as well as the ongoing increase in the permanent resident population, should continue to support private consumption. The broadly based increase in the Consumption Indicator leaves us expecting a clear increase in private consumption in the second half of the year.

    The UBS Consumption Indicator is calculated from five sub-indicators: new car registrations, business activity in the retail sector, the number of domestic overnight stays in hotels by Swiss citizens, the consumer sentiment index and credit card transactions via UBS at points of sale in Switzerland.

  2. UBS announces Alex Wilmot-Sitwell and Chi-Won Yoon as Co-Chairmen and Co-CEOs, Asia Pacific

    UBS today announced the appointment of Alex Wilmot-Sitwell as Co-Chairman and Co-CEO of Asia Pacific. Alex will lead the region together with Chi-Won Yoon, current Chairman and CEO, Asia Pacific. Alex will be based in Hong Kong and will take over his new role on 1st November 2010. Carsten Kengeter, currently Co-CEO UBS Investment Bank, will become sole head of the Investment Bank.

  3. UBS appoints Christian Wiesendanger as Head of Wealth Management Switzerland

    Christian Wiesendanger has been appointed Head of Wealth Management Switzerland with effect from October 1, 2010. In this position, he will report to Lukas Gähwiler, the CEO of UBS Switzerland.

  4. UBS Global Life Sciences Conference Opens in New York

    The UBS Global Life Sciences Conference opens today at the Grand Hyatt in New York City and runs through Wednesday, September 22. The annual UBS Global Life Sciences Conference is among the largest health care investor conferences in the world. Senior executives from the leading pharmaceutical, biotechnology and medical technology companies will provide their insight and outlook on the global life sciences industry. More than 2,000 people are expected to attend. Presenting companies include:

    Actelion
    Agilent Technologies, Inc.
    Alere Inc.
    Alexion Pharmaceuticals, Inc
    Allergan, Inc.
    Amgen Inc.
    Baxter
    Bayer AG
    Biogen Idec
    BioMarin Pharmaceutical Inc.
    BioMed Realty Trust, Inc.
    BioMerieux SA
    Bristol-Myers Squibb Company
    Celera Corporation
    Celgene Corporation
    Cephalon, Inc.
    Cepheid
    Charles River Laboratories
    China Shineway Pharmaceutical
    Crucell
    Danaher Corporation
    DENTSPLY International
    DiaSorin
    Dr. Reddy's Laboratories
    F. Hoffmann-La Roche Ltd.
    Genoptix, Inc.
    Genzyme Corporation
    Gilead Sciences, Inc.
    H. Lundbeck A/S
    Henry Schein, Inc.
    Human Genome Sciences, Inc.
    Illumina, Inc.
    Life Technologies
    Medtronic Inc.
    Merck & Co., Inc.
    Merck KGaA
    Meridian Bioscience, Inc.
    Mettler-Toledo International, Inc.
    Myriad Genetics, Inc.
    Novo Nordisk Inc.
    Novozymes A/S
    Pall Corporation
    PerkinElmer, Inc.
    QIAGEN N.V.
    Regeneron Pharmaceuticals, Inc.
    ResMed
    Shanghai Fosun Pharma Group
    Sigma-Aldrich Corporation
    Sino Biopharmaceutical Ltd.
    Sirona Dental Systems, Inc.
    Smith & Nephew
    STERIS Corporation
    Teva Pharmaceutical Industries Ltd.
    Thermo Fisher Scientific
    Thoratec Corporation
    United Therapeutics Corporation
    Vertex Pharmaceuticals
    Warner Chilcott
    Waters Corporation
    West Pharmaceutical Services, Inc.



    *This is a partial list of presenting companies. Companies subject to change. To access the agenda, please go to www.ibb.ubs.com/Conferences.

    Audio transmissions and the conference agenda will be available on the UBS Investment Bank website at www.ibb.ubs.com/Conferences. Audio transmissions of company presentations will be available live and by replay. Replays will begin three hours after the actual presentation time and will be available on the site for up to four weeks.

    UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions and manage CHF 2.2 trillion in invested assets.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

  5. UBS study: «Prices and Earnings»

    Oslo, Zurich and Geneva again the world's most expensive cities.

    According to a UBS study, Oslo, Zurich and Geneva are the world's most expensive cities once again this year, followed by Tokyo, Copenhagen and New York. The lowest prices for a broad basket of goods and services can be found in Mumbai, Manila and Bucharest.

  6. Bruce Amlicke rejoins UBS Global Asset Management as Co-CIO and Head of Alternative Investment Solutions (AIS)

    Bruce returns to the firm after spending five years at Blackstone where he was the CIO of the fund of hedge funds business. Bruce started his career in 1986 at O'Connor, A&Q's single manager hedge fund provider, and was a key member of the team that founded the AIS business in 2000.

    Bruce will work closely with Rick Nardis, Co-CIO of AIS, and Bill Brown. Bill, formerly Co-CIO of AIS, is taking on a more focused role in hedge fund manager and strategy research.

    AIS manages or advises on approximately USD 20 billion in hedge fund portfolios and is a significant business within the A&Q platform, one of the largest fund of hedge fund providers globally. AIS has teams based in Stamford, New York, London, Hong Kong and Tokyo.

    John Fraser, UBS Global Asset Management Chairman and CEO, commented: "We are delighted to welcome Bruce back to UBS Global Asset Management. His return not only reflects our strong commitment to the growth of our hedge fund business but also reflects our ability to attract outstanding talent to the firm."

    Bill Ferri, Global Head of A&Q, added: "We are excited to add Bruce's leadership to our strong global team and are confident he will have an immediate positive impact on the investment team and culture, furthering our reputation for providing our clients with the highest quality investment management, advice and services."


August 2010

  1. UBS Consumption Indicator points to further increase in consumer demand

    The UBS Consumption Indicator continued to rise in July, increasing to a value of 1.86 from its June level of 1.80.

    The UBS Consumption Indicator is calculated from five sub-indicators: new car registrations, business activity in the retail sector, the number of domestic overnight stays in hotels by Swiss citizens, the consumer sentiment index and credit card transactions via UBS at points of sale in Switzerland.

    After record growth in the previous month, July was also characterized by a high number of new car registrations (+6.1% year-on-year). Business activity in the retail sector improved considerably, but is still at a relatively low level. The other components of the UBS Consumption Indicator also contributed to its overall rise.

    On September 2, the State Secretariat for Economic Affairs (SECO) will publish the quarterly estimate of the gross domestic product for the second quarter of 2010. UBS expects very encouraging figures. The growth rate of private consumption may well reach the magnitude of the first quarter (+2.2% year-on-year). The UBS Consumption Indicator is still clearly below this level and should thus continue to rise in the coming months.

July 2010

  1. UBS second quarter pre-tax profit of CHF 2,614 million

    Following Swiss parliamentary approval of the US-Swiss Government Agreement, UBS expects to achieve a comprehensive resolution of all outstanding matters with the US government related to the US cross-border business by October 2010.

  2. UBS Announces New Energy Exchange Traded Note Linked to 2x Leveraged Alerian MLP Infrastructure Index

    UBS Investment Bank announced today that it has expanded its UBS E-TRACS Exchange Traded Notes (ETNs) platform by adding the new UBS E-TRACS 2x Leveraged Long Alerian MLP Infrastructure Index. It began trading today on NYSE Arca under the ticker symbol, MLPL, and provides leveraged exposure to a portfolio of energy infrastructure Master Limited Partnerships (MLPs) through a single investment.

    “We are excited to add yet another ETN to our ever growing stable of UBS E-TRACS products,” said Christopher Yeagley, Managing Director and US Head of Equity Structured Products. “The new UBS E-TRACS 2x Leveraged Long Alerian MLP Infrastructure Index is particularly useful for investors seeking geared exposure to the MLP space and with 2x leverage, the Current Annual Leveraged Yield is 12.89%*. This is our second ETN with Alerian and we are thrilled to partner with them again.”

    . A Master Limited Partnership (MLP) is a publicly traded limited partnership that unites the tax advantages of a partnership with the liquidity of a publicly traded stock. The Alerian MLP Infrastructure Index is the leading index for investing in energy infrastructure. Because the revenues of energy infrastructure MLPs tend to be correlated with the demand for energy commodities rather than the price of energy commodities, MLPs in energy infrastructure industries have relatively consistent, predictable cash flows.

    UBS E-TRACS belong to an innovative class of investment products offering access to markets and strategies that had not previously been readily available to individual investors, and offer unique diversification opportunities in a number of commodity sectors. UBS has 13 other existing E-TRACS ETNs – 10 of which track the performance of various UBS Bloomberg CMCI indexes, like platinum, silver, gold, livestock, food, etc, one that tracks the total return of the Dow Jones-UBS Commodity Index, one that is linked to the S&P 500 Gold Hedged Index, and one that is linked to the Alerian MLP Infrastructure Index.

    UBS E-TRACs are senior unsecured notes issued by UBS AG, are traded like any other security on NYSE Arca, and can be bought and sold through a broker or financial advisor. For more information about UBS E-TRACs, please visit www.ubs.com/e-tracs.

    The contents of any website referred to in this free writing prospectus are not part of, or incorporated by reference in, this free writing prospectus. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for the offering of the UBS E-TRACS ETNs) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement by calling toll-free (+1-877-387 2275).

    Alerian MLP Infrastructure Index, Alerian MLP Infrastructure Total Return Index, and AMZI are trademarks of Alerian and their use is granted under a license from Alerian.








    UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a client-focused financial services firm that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. By delivering a full range of advice, products and services to its private, corporate and institutional clients, UBS aims to generate sustainable earnings, create value for its shareholders, and become the choice of clients worldwide.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).



    *The Current Annual Index Yield is calculated by Alerian and is based on a modified indicative formula, which takes the most recently declared quarterly distribution of each of the Master Limited Partnerships that constitute the Index (“constituent MLP”), and creates an annualized yield for each constituent MLP by (i) multiplying that number by four and (ii) dividing the resulting number by the current market price of the applicable constituent MLP. The Current Annual Index Yield is the sum of the products of those individual yields of each constituent MLP and their relative weights in the Index. The formula is considered "modified" indicative because in certain circumstances, Alerian can ignore the most recently declared distribution in its calculations and instead use an alternative distribution amount (derived from public sources) that, in its opinion, better reflects an investor's expectation of future distributions using all publicly available information. The Current Annual Leveraged Yield is derived by multiplying the Current Annual Index Yield by the leverage factor, 2, and subtracting the Yearly Fee of .85%. The Current Annual Leveraged Yield is provided for illustrative purposes only. The actual annual ETN yield that investors may receive could be substantially different (either greater or less) than the Current Annual Leveraged Yield. You are not guaranteed any coupon or distribution amount under the ETN.

  3. UBS Enhances Wealth Management Americas Research through a Strategic Partnership with Richard Bernstein Advisors LLC

    UBS Wealth Management Americas today announced that it has entered into a strategic partnership with Richard Bernstein Advisors, which specializes in longer-term, macro-oriented investing. UBS clients will have access to RBA's market leading insight into asset allocation.

    Mike Ryan, Head of Wealth Management Research-Americas, will oversee this exclusive partnership, which complements the uniquely tailored investment ideas that UBS Wealth Management Research offers to individual investors. UBS Wealth Management Research is the one research team on the Street completely dedicated to the private investor and financial advisor.

    “Richard Bernstein is a respected leader in the field of asset allocation, bringing sophisticated insight and thoughtful advice to clients," said Robert McCann, CEO UBS Wealth Management Americas. “Consistent with our objective to be the best wealth management firm in the Americas, this partnership demonstrates our commitment to providing our clients with unparalleled intellectual capital and highly relevant perspectives in support of their investment goals."

    “I have tremendous respect for UBS and the global business they have built over the many years in wealth management. We are thrilled to partner with the WMA leadership team in this exciting new initiative,” said Richard Bernstein, CEO of RBA.

    Working alongside UBS's Portfolio Strategy Group, clients will access the research of Richard Bernstein Advisors via UBS Wealth Management Americas Managed Portfolio Program in a separate discretionary fee-based account of predominately exchangetraded funds. RBA will share market views that include overall equity-versus-bond recommendations, size and style positioning, and international allocations.





    Notes to Editors


    UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a client-focused financial services firm that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. By delivering a full range of advice, products and services to its private, corporate and institutional clients, UBS aims to generate sustainable earnings, create value for its shareholders, and become the choice of clients worldwide.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).



    About RBA

    Richard Bernstein Advisors LLC (RBA) is a registered investment adviser focusing on longer-term investment strategies that combine top-down, macroeconomic analysis and quantitatively-driven portfolio construction, utilizing Mr. Bernstein's widely recognized expertise in style investing and asset allocation. The firm's chief executive and chief investment officer, Richard Bernstein has over 30 years' experience on Wall Street, including most recently as the Chief Investment Strategist at Merrill Lynch & Co. He is a much-noted expert on equity, style and asset allocation, and was voted to Institutional Investor magazine's annual “All-America Research Team” 18 times, including 10 as the top-ranked analyst in his category. Mr. Bernstein's book “Style Investing – Unique Insight into Equity Management” is widely viewed as the seminal book on style-oriented investment strategies.

June 2010

May 2010

  1. Pillar 3a: UBS Vitainvest Funds repositioned

    As part of the ongoing review of its product range, UBS has repositioned its Vitainvest Funds. The fixed management fees for the existing UBS Vitainvest Funds have been cut. The funds have also been given a more global focus and renamed ‘UBS Vitainvest World'. UBS is also setting up two new retirement funds with a focus on Swiss investments.

    UBS's existing Vitainvest Funds get new direction and are renamed ‘UBS Vitainvest World'

    A broader country allocation of investments is making UBS's present Vitainvest Funds more diversified. All four existing UBS Vitainvest Funds are being automatically renamed by the addition of the word ‘World'. As before, funds with a variety of equity weightings are available, depending on the investor's risk capacity and tolerance. UBS Vitainvest World Funds are suitable for clients who would like to invest their retirement savings globally. Despite the more global orientation, the equity weightings remain within the original ranges. The fixed management fees were reduced as of 30 April 2010 as set out below:
    UBS Vitainvest 12 World: from 1.44% to 1.15% p.a.
    UBS Vitainvest 25 World: from 1.52% to 1.30% p.a.
    UBS Vitainvest 40 World: from 1.62% to 1.40% p.a.
    UBS Vitainvest 50 World: from 1.64% to 1.50% p.a.

    New retirement funds with Swiss investment focus

    UBS Vitainvest Swiss Fund enables clients to invest the greater part of their retirement savings in their domestic market and in selected Swiss securities and tangible assets: State and corporate bonds in Swiss francs, shares in renowned Swiss companies and selected real estate in Switzerland. The following two funds will be available with effect from 25 May 2010:
    - UBS Vitainvest 25 Swiss (25% equities, 65% bonds, 10% real estate)
    - UBS Vitainvest 50 Swiss (46% equities, 44% bonds, 10% real estate)

    The fixed management fees will be 1.25% (UBS Vitainvest – 25 Swiss) and 1.40% p.a. (UBS Vitainvest – 50 Swiss).

    Option of switching between fund types at any time without charge

    It is possible to switch between the two fund types while remaining within UBS's retirement products range (Pillars 2 and 3 and UBS unrestricted retirement custody account 3b) without charge and at any time, and the same rule applies to other purchases and sales. Unlike conventional retirement funds or life insurance investments, UBS Vitainvest Funds do not have to be sold on retirement and can be transferred into a normal UBS custody account. This makes the investment period longer and enables returns to be optimised.

  2. UBS announces Joint Global Heads of Equities

    UBS today announced the appointment of Francois Gouws and Yassine Bouhara as Joint Global Heads of Equities.

    Gouws has been with UBS for 15 years most recently as Head of Equities for Europe, Middle East and Africa (EMEA) and Global Head of Cash Equities. Previous roles at UBS include Head of Equities EMEA, Head of European Equity Research Sales, Head of European Equity Research and Country Head for South Africa.

    Bouhara joins from Deutsche Bank where he has worked for the last 14 years, most recently as Global Head of Structuring and Head of Global Markets EMEA. Previous roles at Deutsche include Global Head of Equities and Global Head of Equity Derivatives.

    Gouws who is based in London and Bouhara who will be based in Stamford, CT, will both become members of the UBS Investment Bank Executive Committee and report to Neil Shear, Global Head of Securities.

    Carsten Kengeter, Joint CEO of UBS Investment Bank said;

    “Our equities franchise has been built over many years into one of the finest in the world and I am delighted that Francois and Yassine have agreed to lead the business and deliver even better results for our clients and the firm.”

    Alex Wilmot-Sitwell, Joint CEO of UBS Investment Bank said;

    “It is vital that we leverage the scale and client-connectivity that exists within our Equities franchise to other parts of the Investment Bank. I am confident Francois and Yassine, working with Neal Shear will achieve this and identify new areas of opportunity for our clients and UBS.”



    Notes to Editors


    UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a client-focused financial services firm that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. By delivering a full range of advice, products and services to its private, corporate and institutional clients, UBS aims to generate sustainable earnings, create value for its shareholders, and become the choice of clients worldwide.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific. UBS employs about 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).


    Cautionary statement regarding forward-looking statements

    This release contains statements that constitute “forward-looking statements” as to UBS management's expectations concerning future performance. A number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS's expectations. These factors include, but are not limited to: future developments in the markets in which UBS operates or to which it is exposed; the effect of possible political, legal and regulatory developments; and UBS's ability to retain and attract the key employees. In addition, our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the US Securities and Exchange Commission (SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS's Annual Report on Form 20-F for the year ended 31 December 2009. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

  3. UBS to strengthen presence in Poland

    UBS today announced its intention to further strengthen its presence in Poland by establishing a local investment banking team. The team, which will be based in Warsaw once the necessary approvals have been obtained, will offer UBS's investment banking capabilities to the local market as well as Central Europe.

  4. UBS reports a first quarter pre-tax profit of CHF 2,810 million

    Zurich/Basel, 4 May 2010 - Commenting on UBS's first quarter 2010 results, Group CEO Oswald J. Grübel said: "We are well positioned to meet our medium-term goals. We implemented the measures announced in 2009 and delivered a good profit while managing our costs and using our balance sheet and risks in a disciplined way."

April 2010

March 2010

  1. UBS forecasts Q1 result for FICC unit

    Zurich/Basel, 30 March 2010 - A media report late yesterday indicated that UBS's Fixed Income, Currencies and Commodities unit (FICC) would generate revenue of about US$2.3 billion in first quarter 2010. Under SIX ad hoc publicity rules, UBS is required to comment on this report. The reported figure is slightly higher than FICC's current first quarter forecast revenues. Because the quarter has not ended and results to date are subject to possible fair value adjustments, including those relating to own credit, this forecast may not be reliable. UBS will issue its first quarter 2010 financial results on 4 May 2010.

February 2010

  1. UBS Global Asset Management launches Private Wealth Solutions Personalized Tax Management Overlay

    UBS Global Asset Management now offers a Personalized Tax Management Overlay (“PTM overlay”) for a selection of multi-asset portfolios (MAPs) on its Private Wealth Solutions (PWS) separately managed accounts (SMA) platform. As the latest product evolution on the PWS platform, the PTM overlay will consider a client's personal tax circumstances while applying a variety of tax management techniques in an effort to maximize the client's after-tax return.

    To offer the PTM overlay, UBS Global Asset Management has integrated industry-leader Northfield's Tax Aware Multiple Account Rebalancing System (MARS) into its trading platform. Northfield President, Dan DiBartolomeo states “UBS is clearly committed to what we feel is a material improvement in the way that asset managers execute their value proposition to high net worth investors.”

    MARS provides a sophisticated optimization engine to trade off risk, return and taxes at the individual account level in a highly scalable business model. This enhancement enables UBS Global Asset Management to manage an SMA using a client's personal tax circumstances, with the aim to maximize the client's after-tax returns.

    “We are pleased to announce the latest evolution of Private Wealth Solutions with the launch of our Personalized Tax Management Overlay” said Mark Price, Executive Director, Managed Accounts Portfolio Solutions at UBS Global Asset Management. “With the aim of minimizing the difference between pre-tax and after-tax returns, we are able to deliver institutional-quality stock selection, asset allocation and trading within multi-asset separately managed accounts that are truly tailored for taxable private clients and their individual tax circumstances.” The PTM Overlay is available on 12 PWS MAPs for clients with assets of $2 million or more to invest at no additional management fee.

    The Private Wealth Solutions (PWS) program leverages the nearly 30-year institutional heritage, time-tested investment process and proprietary investment expertise of UBS Global Asset Management. Multi-Asset Portfolios, designed with diversified, complementary investment styles and minimal security overlap, are sophisticated advisory accounts with the flexibility to meet a range of client risk/return needs.


    UBS Global Asset Management is a large scale asset manager with well diversified businesses across regions, capabilities and distribution channels. We offer investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate, infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies.

    Invested assets totaled some CHF 583 billion (EUR 393 billion, GBP 349 billion, USD 563 billion) as of December 31, 2009. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland and the largest global hedge fund of funds manager. With around 3,500 employees, located in 25 countries, we are a truly global firm. Headquartered in London, our other main offices are in Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Sydney, Tokyo, Toronto and Zurich.

    Northfield is a market leader in providing investment professionals analytical and operating efficiency tools designed to enhance individual portfolio and firm-wide performance. Founded in 1985, Northfield has developed open, analytical models that seek to identify, measure and control risk. These risk models cover most marketable securities traded world-wide. Based upon sound investment theory, Northfield's products and services have stood the test of time from users within the global institutional investment community. With over 250 clients worldwide with offices in Boston, London and Tokyo, Northfield strives to be a preferred partner for institutional investors and asset managers.

    Neither UBS Global Asset Management (Americas) Inc., nor any of its employees or affiliates, provides tax or legal advice. The PWS Personalized Tax Management Overlay may not be an appropriate product under all circumstances. Clients should discuss the Overlay with their personal tax and/or legal advisors regarding their unique circumstances.


    UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  2. UBS reports a fourth quarter profit of CHF 1,205 million

    Zurich/Basel, 9 February 2010 - Commenting on UBS's fourth quarter 2009 results, Group CEO Oswald J. Grübel said: "We entered 2009 at the height of the crisis. By the end of 2009 UBS has returned to profitability, delivering on its priorities. We have taken decisive action to transform UBS, and it is now a focused, efficient and resilient firm. We expect that our return to profitability will increase clients' confidence in UBS and restore our reputation."

  3. UBS 20th Annual Global Healthcare Services Conference Opens in New York

    The 20th Annual UBS Global Healthcare Services Conference opens today at the Grand Hyatt in New York City and runs through Wednesday, February 10th. The conference will feature presentations and updates from senior management from more than 120 of the leading healthcare services firms around the world, companies that continue to shape this dynamic field.


  4. UBS to delist from Tokyo Stock Exchange

    On 4 February in Zurich, UBS AG's Board of Directors resolved to delist the Company's common stock (UBS shares) from the Tokyo Stock Exchange, Inc. (TSE).

    The decision was taken as a result of the small volume of UBS shares (less than one percent of global turnover) traded on the TSE in recent years.

    The delisting will have no impact on UBS's other activities in Japan. UBS continues to be an important market participant on the TSE and remains deeply committed to Japan where it has been active for more than 40 years.

    UBS will submit an application to delist from the TSE in early March 2010. Pending the TSE's acceptance of the application, the shares will be assigned to the delisting post and, in principle, delisted one month later.

    Following the delisting, UBS shareholders will be able to continue trading the stock on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

January 2010

  1. UBS Announces New UBS E-TRACS S&P 500 Gold Hedged Exchange Traded Note

    UBS Investment Bank announced today that it has expanded its UBS E-TRACS Exchange Traded Notes (ETNs) platform by adding a new ETN linked to the S&P 500 Gold Hedged Index. The UBS E-TRACS S&P 500 Gold Hedged ETN began trading today on NYSE Arca under the ticker symbol, SPGH, and provides an easily accessible way to gain exposure to the S&P 500 while using gold as a hedge against declines in the value of the US dollar.

    UBS is the first firm to launch investment products based on the S&P 500 Gold Hedged Index and this innovative, new ETN is the first product of its kind. It is an entirely original approach to investing in the US equity markets, providing protection if the US dollar continues to decline in value as expressed via the price of gold.

    “Recent investor concerns about potential global inflation have led to an increased interest in gold-related products,” said Christopher Yeagley, Managing Director and US Head of Equity Structured Products. “The UBS E-TRACS S&P 500 Gold Hedged ETN enables investors to gain exposure to the US equity market, without the accompanying exposure to the US dollar. We are seeking to deliver real returns of the S&P 500.”

    UBS E-TRACS belong to an innovative class of investment products offering access to markets and strategies that had not previously been readily available to individual investors, and offer unique diversification opportunities in a number of commodity sectors. UBS has 11 other existing E-TRACS ETNs – 10 of which track the performance of various UBS Bloomberg CMCI indexes, like platinum, silver, gold, livestock, food, etc, and one that tracks the total return of the Dow Jones-UBS Commodity Index.

    UBS E-TRACs are senior unsecured notes issued by UBS AG, are traded like any other security on NYSE Arca, and can be bought and sold through a broker or financial advisor. For more information about UBS E-TRACs, please visit http;//www.ubs.com/e-tracs.

    The contents of any website referred to in this free writing prospectus are not part of, or incorporated by reference in, this free writing prospectus. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for the offering of the UBS E-TRACS ETNs) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement by calling toll-free (+1-877-387 2275).

    Standard & Poor's®, S&P®, S&P 500®, Standard & Poor's 500™ and S&P 500 Gold Hedged are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by UBS. The UBS E-TRACS ETNs are not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the UBS E-TRACS ETNs.



    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  2. UBS Investment Bank announces Senior Appointments within its Securities businesses


    UBS Investment Bank today announced the appointment of Neal Shear (55) as Global Head of Securities. Neal will be based in Stamford.

    Neal brings extensive experience to the role, with over 30 years in the industry. He spent most of his career at Morgan Stanley, where he was most recently Co-Head of Sales and Trading, with responsibility across Equities and Fixed Income. Prior to this, Neal was one of the original founding members of their global Commodities business.

    Carsten Kengeter, Co-CEO UBS Investment Bank said: “Neal will be responsible for driving a more aligned approach across Equities and FICC (Fixed Income, Currencies & Commodities), a cornerstone in our strategy for an integrated client-centric investment bank built around flow and advice. He is a real veteran of the securities industry having spent over 30 years developing world-class businesses. ”

    In addition, UBS is also pleased to announce the appointment of Roberto Hoornweg (41) who joins as Global Head of Securities Distribution. Roberto will be based in London.

    Roberto joins UBS after 17 years at Morgan Stanley where he was most recently Head of Global Interest Rates, Credit & Currencies. Prior to this role, Roberto was responsible for the firm's Fixed Income and FX Emerging Markets Sales & Trading business.

    Alex Wilmot-Sitwell, Co-CEO UBS Investment Bank said: “Increasingly, clients are directing their business to firms who can service their multi-asset needs most effectively. We believe that by bringing our Equities and FICC distribution teams more closely together under the leadership of Roberto, we can better leverage our world-class product delivery capabilities for our clients.”

    Following these appointments, Carsten Kengeter will relinquish his additional role as Joint Global Head of FICC. Rajeev Misra, Global Head of Credit, and Dimitri Psyllidis, Global Head of Macro, will take on additional responsibility as Joint Global Heads of FICC. Jeff Mayer will take on the new role of Executive Chairman of FICC. Neal, Roberto, Rajeev and Dimitri will become members of the Investment Bank Executive Committee.

    UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  3. UBS Investment Bank Hires James Paris as Managing Director in Leveraged Finance


    UBS Investment Bank announced today that James Paris will join the firm's Leveraged Finance Group as a Managing Director. Paris will be based in New York and report to Steven Smith, Global Head of Leveraged Finance and Americas Head of Financial Sponsors.

    "As debt markets have begun to normalize, we are seeing a growing pipeline of leveraged deals, and we expect that pace to quicken as we move through 2010," said Smith. "James possesses both a deep experience in leveraged finance and a strong ability to advise on and execute even the most complex transactions for clients. I am delighted he is joining UBS."

    Paris, 39, was previously a Managing Director in Leveraged Finance at Deutsche Bank in New York. Before moving to New York to focus exclusively on Leveraged Finance, he spent three years in Chicago in Deutsche Bank's Leveraged Finance group and covering the Midwest Financial Sponsor community. Most recently, Paris was a Managing Director and Head of the Paper and Packaging Group at Barclays Capital. Early in his career, Paris worked as an attorney at Cravath Swaine & Moore.

    Paris holds a BS in Finance from Indiana University and a JD from Harvard Law School.

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  4. UBS Global Asset Management Reports 6% Increase in US Pension Fund Fitness in Fourth Quarter 2009

    UBS Global Asset Management today announced that its US Pension Fund Fitness Tracker, a quarterly estimate of the overall health of a typical US defined benefit pension plan, shows that measuring liabilities on a corporate bond basis, the typical US pension plan ended the fourth quarter with a 6% stronger funding ratio, as assets outperformed liabilities. Funding ratio performance in the fourth quarter was driven by two factors:

  5. UBS AG Reduces the Minimum Redemption Amount for Eleven of its Exchange Traded Access Securities (E-TRACS)

    UBS AG announced today that it has reduced the minimum redemption amount from at least 100,000 securities to at least 50,000 securities for any holder of the following UBS AG E-TRACS (the "Securities") that wishes to exercise its right of early redemption:

December 2009

  1. UBS Wealth Management Research Study: UBS global outlook 2010

    Although one of the most volatile asset classes, emerging market equities will likely deliver a return of approximately 15% in 2010.

  2. UBS 37th Annual Global Media & Communications Conference Opens in New York


    The 37th Annual UBS Global Media & Communications Conference opens today at the Grand Hyatt in New York City and runs through Wednesday, December 9. The conference will feature presentations and panel discussions by senior management from more than 100 leading companies in the media and telecommunications industry from around the globe. Presenting companies include:


    American Tower Corporation
    AOL
    AT&T
    Belo Corp.
    British Sky Broadcasting Group PLC
    CBS Corporation
    Charter Communications
    CNBC
    Comcast Corporation
    Demand Media
    Discovery Communications
    E. W. Scripps Company
    eBay, Inc.
    Electronic Arts
    Frontier Communications
    Gannett Co., Inc.
    GeoEye
    GSI Commerce
    IAC/Interactive Corp.
    Interpublic Group of Companies
    JCDecaux UK
    Leap Wireless
    Liberty Global, Inc.
    Liberty Media Corporation
    Martha Stewart Living Omnimedia
    McClatchy Company
    McGraw-Hill Companies
    MDC Partners
    Meredith Corporation
    MetroPCS Communications
    Moody's Corporation
    MSCI Inc, USA
    NBC Universal
    New York Times Company
    News Corporation
    Nexstar Broadcasting Group Inc
    NTELOS Holdings Corp.
    Publicis
    Qwest
    RCN
    Rogers Communications Inc.
    Scripps Networks Interactive
    SIRIUS XM
    Sprint Nextel Corporation
    Take-Two Interactive Software, Inc.
    Terremark
    THQ Inc.
    Time Warner
    Time Warner Cable
    TiVo
    Verizon Communications
    Viacom
    Virgin Media
    Walt Disney Company
    Washington Post Company
    Windstream Communications
    WPP Group
    WebMD
    Yahoo!


    *This is a partial list of presenting companies. Companies subject to change. To access the agenda, please go to


    www.ibb.ubs.com/Conferences.

    Audio transmissions and the conference agenda will be available on the UBS Investment Bank website at www.ibb.ubs.com/Conferences/. Audio transmissions of company presentations will be available live and by replay. Replays will begin three hours after the actual presentation time and will be available on the site for up to four weeks.

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  3. UBS AG nominates Wolfgang Mayrhuber for election to its Board of Directors

    UBS AG has nominated Wolfgang Mayrhuber for election to its Board of Directors. Wolfgang Mayrhuber is the Chairman of the Executive Board and CEO of Deutsche Lufthansa AG. As such, he is responsible for the aviation group, which comprises the Passenger Airline Group, Logistics, MRO, Catering and IT Services segments and has 115,000 employees worldwide.

    Kaspar Villiger, Chairman of the Board of UBS, said: "Wolfgang Mayrhuber has gained substantial leadership experience in his almost 40-year career in a global corporation. He is a highly regarded figure well beyond the airline industry and brings with him strategic as well as operational expertise from his various activities on supervisory boards. I am very pleased that he has agreed to stand for election to our Board."

    UBS's annual general meeting takes place on 14 April 2010 in Basel. With the election of Mayrhuber, eleven of the maximum of twelve seats in the Board of Directors would be filled. UBS AG will announce the nomination to fill the final vacancy in due course.

    In September, UBS announced that Sergio Marchionne and Peter Voser had declared their intention not to stand for reelection to the Board. Both want to concentrate on their current demanding management positions.

  4. Michael Chin appointed CEO of UBS Hana Asset Management

    Chin joins from UBS Investment Bank in Hong Kong where, since 2006, he was Head of Asian Equities Sales.

    During his 13 years with UBS, Chin has held a variety of senior roles, including Co- Head of UBS Securities, Seoul Branch, and Head of Equities at UBS Securities in Korea, as well as Head of UBS Securities and Head of Equities in Taiwan. Previously, he worked in various roles in Corporate Finance, Fixed Income and Equities for Lehman Brothers, Schroder & Co, and for Credit Suisse First Boston in New York, Hong Kong, and Seoul. Chin holds a Bachelor's Degree in International Relations from the University of Virginia.

    Current CEO of UBS Hana, Andreas NEUBER, who successfully led the integration efforts over the last two and a half years, remains as Chairman of the Board of Directors. Ensuring continuity in the further development of UBS Hana Asset Management is important to both shareholders.

    "I am confident that Michael's broad experience of both Korean and regional financial markets as well as his proven leadership skills will ensure that UBS Hana Asset Management quickly builds on the solid platform established over the past two and half years," said Neuber.

    "I am exceedingly grateful for the support of the entire team over the period. Without their outstanding dedication and hard work, combined with the support of our shareholders, Hana Financial Group and UBS AG, we would not occupy the leading market position we enjoy today," he added.

    Established in July 2007, UBS Hana Asset Management is a joint venture between UBS Global Asset Management and Hana Financial Group, in which UBS owns a 51% stake.

    UBS Hana Asset Management is one of leading asset managers in South Korea. At end November 2009, it had about KRW20 trillion of assets under management.

November 2009

  1. UBS Launches International Algorithmic Trading in Brazil

    The global Equities business of UBS (NYSE: UBS) today announced the launch of algorithmic trading for international clients trading equities on the Bovespa stock exchange in Brazil. UBS is among the first broker-dealers to offer non-Brazilian clients algorithmic trading in this major market.

    UBS is launching this offering for international clients who trade Brazilian securities with three popular algorithms: Volume Weighted Average Price (VWAP); Time Weighted Average Price (TWAP); and Volume Inline, a strategy that enables an investor to execute an order correlated to available liquidity. Execution algorithms are complex quantitative electronic trading formulae that clients can use to manage and tailor their equities orders. UBS clients can use these algorithmic trading strategies to quickly and efficiently send their electronic orders directly to the Bovespa, without passing them through an intermediary.

    In July 2008, UBS was among the first international brokers to launch Direct Market Access (DMA) in Brazil whereby non-Brazilian investors can trade electronically directly on the exchange. UBS clients can send front-to-back algorithmic trading orders directly from their desktop execution management system or order management system, including UBS's own "Pinpoint."

    "We gained a tremendous amount of experience over the last year with our Direct Market Access offering in Brazil, and our intention has always been to add algorithmic trading," said Owain Self, Head of Algorithmic Trading for EMEA and the Americas at UBS Investment Bank. "Our successful DMA platform provided the ideal knowledge base to build algorithmic strategies for the Bovespa in a truly custom way - specifically geared to the unique attributes of this market. This development is particularly exciting as our clients who trade stocks in Latin America have had an extremely positive response."

    Raul Esquivel, the Head of the UBS Investment Bank for Latin America, said, "The launch of algorithmic trading into Brazil is a perfect example of our ongoing commitment to the region. We are pleased to offer these sophisticated strategies to our international clients who wish to efficiently tap the abundant investment opportunities in this dynamic marketplace."

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).


    UBS Direct Execution is the firm's global institutional electronic trading business. Direct Execution offers ultra-low latency Direct Market Access (DMA), a suite of award-winning advanced Algorithmic Trading strategies, a state-of-the-art analytics platform -- offering Real-Time TCA -- called UBS Fusion, and a multi-asset international execution management system called UBS Pinpoint.

  2. UBS AG Temporarily Suspends Further Sales and Issuances of its Exchange Traded Access Securities (E-TRACS) Long Platinum - Linked to the UBS Bloomberg CMCI Platinum Total Return due May 14, 2018

    UBS AG announced today that it has temporarily suspended any further sales from inventory and any further issuances of its (E-TRACS) Long Platinum - Linked to the UBS Bloomberg CMCI Platinum Total Return due May 14, 2018 (the "Securities"). The Securities trade on the NYSE Arca Stock Exchange under the ticker symbol "PTM". This suspension may cause fluctuations in the trading value of the Securities. Daily redemptions at the option of the holders of the Securities will not be affected by this suspension. UBS Investment Bank's lending activities from inventory with respect to the Securities will also not be affected by this suspension.

    As disclosed in the prospectus supplement relating to the Securities under the heading "Risk Factors-The market value of the Securities may be influenced by many unpredictable factors including volatile commodities prices", the market value of the Securities may be influenced by, among other things, the levels of supply and demand for the Securities. It is possible that the suspension, as described above, may influence the market value of the Securities. UBS believes that the limitations on issuance and sale implemented may cause an imbalance of supply and demand in the secondary market for the Securities, which may cause the Securities to trade at a premium or discount in relation to their indicative value. Therefore, any purchase of the Securities in the secondary market may be at a purchase price significantly different from their indicative value. The suspension described above will not affect or reduce any further sales from inventory or further issuances of UBS's ten existing other E-TRACS exchange traded notes.

    The prospectus supplement relating to the Securities can be found on EDGAR, the SEC website at: www.sec.gov, as well as on the product website at www.ubs.com/e-tracs.

    The contents of any website referred to in this free writing prospectus are not part of, or incorporated by reference in, this free writing prospectus. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for the offering of the Securities) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement by calling toll-free (+1-877-387-2275).


    About UBS Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  3. UBS Investment Bank Strengthens Financial Sponsors Group With Addition of Two Managing Directors


    UBS Investment Bank announced today that it has hired two senior investment bankers within the firm's Financial Sponsors Group. Allen Bouch and Scott Norby will join the firm's Investment Banking Department (IBD) as Managing Directors, reporting to Steven Smith, Global Head of Leveraged Finance and Americas Head of Financial Sponsors. Bouch and Norby will be based in San Francisco and New York, respectively.

    "Our financial sponsors deal pipeline continues to grow as financing markets have normalized and sponsors are becoming more active in both acquisitions and exits," said Smith. "We are delighted Allen and Scott will be joining UBS. I am confident they will help strengthen and advance our Financial Sponsors practice through their deep knowledge of the sponsor community and proven credibility advising and delivering strategic solutions to top clients in this space."

    Bouch joins UBS from Citigroup, where he was most recently in the Financial Entrepreneurs Group and Head of the San Francisco Investment Banking Group. Previously, he was with Merrill Lynch in its investment banking division. He brings 21 years of top-tier investment banking experience, the last 13 of which have been focused on covering the financial sponsor community. Bouch holds a BA from Claremont McKenna College and an MBA from Duke University's Fuqua School of Business.

    Previously, Norby was a Managing Director at Goldman Sachs in its Financial Sponsor Group. Prior to joining Goldman Sachs, he was with Morgan Stanley in its Financial Sponsor practice. Most recently, Norby was a Managing Director at North Sea Partners where he led financial sponsor coverage. He holds a BA from the University of Wisconsin and an MBA from the University of Chicago.
    Kevin Cox, Americas Head of IBD, added, "The financial sponsor community represents a very important group of clients for UBS. We are committed to serving clients with bankers like Allen and Scott who can deliver innovative ideas, valuable insights and flawless execution."


    UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing financial services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the leading bank for individual and corporate clients.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 36% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 65,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  4. UBS reports a third quarter loss of CHF 564 million, impacted by accounting charges of CHF 2,150 million

    Commenting on UBS's third quarter results, Group CEO Oswald J. Grübel said: "In the last two quarters, we have been addressing the bank's most critical problems. Business is steadily returning to normal: We see this in a clear improvement in our financial performance. Management actions are delivering visible results, and we are continuing to emphasize risk reduction and capital strength. Moreover, the settlement of the litigation with US tax authorities and the decision of the Swiss government to exit its investment in UBS are having a profound impact on our efforts to rebuild confidence in our company and on staff morale. Having stabilized the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010. However, this progress will depend on market and other factors."

October 2009

  1. UBS Announces New Commodity ETN linked to the Dow Jones UBS Commodity Index




    UBS Investment Bank announced today that it has expanded its UBS E-TRACS Exchange Traded Notes (ETNs) platform by adding a new ETN linked to the Dow Jones-UBS Commodity Index. The new note called UBS E-TRACS Dow Jones-UBS Commodity Index Total Return (DJ-UBSCI TR) began trading today on NYSE Arca under the ticker symbol, DJCI.

    The DJ-UBSCI TR is UBS's first ETN linked to the Dow-Jones UBS Commodity Index, which UBS purchased from AIG in May 2009. The DJ-UBSCI TR measures collateralized returns from a diversified basket of 19 commodity futures contracts from sectors spanning energy, precious metals, industrial metals, grains and livestock.

    "This new note linked to the Dow Jones-UBS Commodity Index offers clients easy accessibility to a variety of hard to access commodities at a very compelling price," said Christopher Yeagley, Managing Director and US Head of Equity Structured Products. "We are thrilled to be able to add the UBS E-TRACS Dow Jones-UBS Commodity Index Total Return to our stable of ETNs."

    ETNs are primarily used as access products, combining exposure to various markets such as commodities with the investment ease of listed securities. UBS E-TRACS belong to an innovative class of investment products offering access to markets and strategies that had not previously been readily available to individual investors.

    "UBS E-TRACS offer unique diversification opportunities in a number of commodity sectors, and with the addition of the DJ-UBS Commodity Index to the platform, we now can give access to both of our highly successful commodity indexes, the Dow Jones-UBS Commodity Index and the UBS Bloomberg Constant Maturity Commodity Index," said Yeagley.

    UBS's 10 existing E-TRACS ETNs track the performance of various UBS Bloomberg CMCI indexes, like platinum, silver, gold, livestock, food, etc, and are traded like any other security on NYSE Arca. UBS E-TRACs are senior unsecured notes issued by UBS AG, and can be bought and sold through a broker or financial advisor. For more information about UBS E-TRACs, please visit www.ubs.com/e-tracs.

    The contents of any website referred to in this free writing prospectus are not part of, or incorporated by reference in, this free writing prospectus. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for the offering of the UBS E-TRACS ETNs) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement by calling toll-free (+1-877-387 2275).


    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 70,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE). I

  2. Still no sign of recovery in Swiss private consumption

    Swiss private consumption remains under pressure, as shown by the UBS consumption indicator, which is calculated on a monthly basis. Although it rose from 0.62 to 0.63 in September, it continues to be well below its long-term average of 1.5. The current level hints only at a modest expansion in private consumption compared to last year.

    The UBS consumption indicator is calculated based on five sub-indicators: new car sales, business activity in the retail sector, the number of hotel stays by Swiss nationals in Switzerland, the consumer sentiment index, and credit card transactions generated via UBS at domestic points of sale. New car sales and retail activity helped to stabilize the indicator in September. Stabilization of hotel stays by Swiss nationals is also expected compared to the prior year.

    Despite the expected economic recovery, UBS economists forecast a weakening of private consumption in the coming months. In particular, the expected rise in unemployment and the associated job uncertainty are likely to put a damper on consumer behavior. A recovery of private consumption is not foreseen until the middle of next year.

    UBS is forecasting growth in GDP of 1.7% for 2010 and 2.1% for 2011. While the contribution of private consumption may well be modest in the coming year, according to the assessment of UBS economic experts, it will again support the economy in 2011.

  3. UBS Appoints Robert J. McCann as Chief Executive Officer, Wealth Management Americas & Member of UBS Group Executive Board

    UBS AG announced today the appointment of Robert J. McCann as Chief Executive Officer of UBS Wealth Management Americas and Member of the Group Executive Board of UBS AG.

    Mr. McCann, 51, will immediately assume responsibility for the firm's domestic wealth management businesses in the United States and Canada, including all international business booked in the US. He will lead nearly 8,000 Financial Advisors in more than 320 branches across the US, Puerto Rico and Canada, managing CHF 695 billion in invested assets.

    UBS Group CEO Oswald Gruebel said: "I want to welcome Bob McCann to UBS. He comes to us having led one of the largest wealth management advisory teams in the world. Bob has an outstanding reputation as an inspiring and thoughtful leader and will apply his long and deep client relationship and business experience to gain market share, increase profitability and grow our Wealth Management Americas business. I am confident that his proven ability to meet client needs, manage businesses and develop financial advisors will drive UBS Wealth Management Americas to a higher level of performance and return for all stakeholders.

    "In the Americas alone, the wealth management market opportunity represents high net worth assets in excess of USD 20 trillion. Under Bob's leadership, I believe that the business will now consolidate its position as the firm of choice for those clients seeking a fully integrated offering of diverse products and tailored advisory services."

    Mr. McCann said: "Coming to UBS is a once-in-a-lifetime opportunity to join a leading global wealth manager. It is a firm that I always considered to be a tough competitor and I will add my energy and ideas to the turnaround underway. The domestic Americas business represents an enormous wealth management opportunity for UBS. I see tremendous long-term potential growth for clients, employees and shareholders."

    Over a 26-year career at Merrill Lynch, Mr. McCann held a variety of executive leadership positions throughout the firm. Prior to his departure in January 2009, Mr. McCann was President of Global Wealth Management. Previous roles he held during his tenure at the firm included Vice Chairman of the firm's Wealth Management Group, which included Global Private Client and Merrill Lynch Investment Managers. He was also Head of Global Securities Research, Chief Operating Officer of Global Markets and Investment Banking, Head of Global Institutional Sales and Head of Global Equity Trading and Markets.

    Mr. McCann received a B.A. in Economics from Bethany College and an M.B.A. from Texas Christian University.

  4. William Ortner to join UBS as Managing Director and Co-Head OF Structured Equity Capital Markets, Americas




    UBS Investment Bank announced today that William Ortner will join the firm's Investment Banking Department as a Managing Director in Equity Capital Markets, where he will co-head Structured Equity Capital Markets for the Americas. He will be based in New York and report to Mary Ann Deignan, Head of Equity Capital Markets for the Americas.

    Prior to joining UBS, Ortner, 42, headed Structured Finance at Structured Investment Management, a New York-based mutual fund advisor. Previously, he was at Barclays Capital, where he headed Equity-Linked Capital Markets for the Americas. Before joining Barclays, he was a Managing Director at Citigroup responsible for corporate equity derivatives. Earlier in his career, Ortner was an associate in the corporate department of the law firm Shearman & Sterling.

    "We are seeing strong growth in the number of companies raising capital through equity transactions and expect that to increase even further in 2010," said Deignan. "Bill's combination of experience and skill in helping companies achieve their equity objectives using derivatives and other structured products, will be of great benefit to our growing client base."

    Ortner holds a JD from Boston University School of Law and a BA from Tufts University.




    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 70,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  5. UBS Wealth Management Research Publishes New Report: Retirement Planning Now - "Risk: How Much is Enough?"

    UBS Wealth Management Research -- Americas, in collaboration with other UBS business groups, today issued its latest report: "Risk: How much is enough?" The report examines the topic of financial risk and its crucial role in helping investors to narrow the gap between the current values of their assets and the amount necessary to meet their goals during retirement.

    In addition to more traditional approaches, UBS presents a nontraditional investment strategy for retirement planning, where investors match specific segments of their portfolios to clearly defined objectives, which reflect their different needs, wants and wishes.

    While the global financial crisis has started to abate, for many investors, especially those nearing retirement, the fallout has resulted in an imbalance between the current values of their assets and how much they will need to meet their projected retirement needs. The question for investors is, "How do you close this retirement gap?" As a result, investors face difficult choices as they relate to the three dimensions of retirement planning: increasing savings, adjusting risk and resetting goals.

    In the past, the traditional investment planning strategy to restore balance to a retirement portfolio involved examining the retirement "trilemma," which includes boosting savings (working longer), scaling back goals and reassessing the investor's risk appetite.

    In this new approach, as outlined by UBS, investors should segment their portfolio to help them identify how much financial risk they need to take in order to meet their retirement goals.

    While this process won't painlessly solve the retirement "trilemma," it can empower investors who otherwise might avoid risk altogether. The strategy presented in the report allows an investor to manage their potential losses to an acceptable level while retaining the prospect of achieving key goals.
    With this in mind, UBS suggests the following "buckets" in planning for retirement:


    • The first risk bucket should contain funds required to fulfill the liquidity needs for an individual over some predefined time horizon. The sole purpose of this bucket is to provide an investor with a level of security in any contingency.

    • The core bucket contains the bulk of an individual's assets and should reflect the investor's risk preference and be positioned for the maximum return versus risk. It is important this bucket is viewed within the context of an investor's total assets.

    • The leverage bucket contains a mix of riskier assets that should be used as a risk overlay and offers the investor the opportunity to dial up or dial down their risk tolerance.


    "The benefits of a segmented approach are found not so much in characteristics of the portfolios, but the ability to construct a portfolio that addresses the investor's loss aversion concerns, while at the same time allowing enough financial risk-taking to meet the investor's goals," said Mike Ryan, Head Wealth Management Research -- Americas.

    The risk overlay strategy, provided in the third bucket, offers some probability that investors will be able to at least partially realize their wishes (such as travel or a second home), while at the same time helping to narrow the retirement gap.

    For example, using this investment strategy, investors who lower their spending objectives in retirement and transfer the difference to riskier assets might find themselves taking only a slight reduction in their immediate liquidity while availing themselves of greater upside potential.

    "It is important to note that this strategy isn't for everyone and will not eliminate financial risk from a portfolio," said Ryan. "However, coupled with sound investment advice, this approach provides advantages for those investors seeking to limit overall downside risk, while still attempting to achieve a certain set of goals."

    For more information and to download the report, go to www.ubs.com/retirementplanning.




    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 70,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  6. UBS Investment Bank Expands Energy Banking Team With the Addition of 18 Investment Bankers



    New Team to Focus on Energy Lending


    UBS Opens New Investment Banking Office in Dallas



    UBS Investment Bank today announced that it will expand its Global Energy banking practice with the addition of 18 seasoned bankers focused on energy lending. As part of this expansion, UBS has named Darrell Holley as Managing Director and Global Head of Energy Lending.

    "The energy sector has been very resilient during the current economic downturn, and we expect it will be one of the most active sectors in mergers and acquisitions, and equity and debt financings as the economy recovers," said Stephen Trauber, Global Head of Energy banking at UBS. "Despite a downturn in the global economy, UBS's Energy Banking business has remained extremely strong over the past two years and we are experiencing a constantly expanding business pipeline. The addition of a highly experienced team with deep knowledge of energy lending markets will bolster our ability to serve clients, grow our overall lending franchise and continue to increase our energy market share."

    The 18-person team, which includes Holley and eight Executive Directors, will be based at a new UBS Investment Banking Department (IBD) office in Dallas, Texas, and will complement UBS's existing Energy Banking team in Houston and New York. The team joining UBS has significant experience in the energy lending arena and has transaction experience across a broad range of markets, products and borrowers.

    Holley will report to Trauber. He was previously with Fortis Bank in Dallas, where he was Global Head of Oil and Gas banking. Prior to Fortis, he was a Vice President at Chemical Bank in the energy group. He holds a BS from Texas A&M University. "We have added over a dozen Managing Directors to our IBD franchise over the last month and we will continue to expand our senior coverage of key sectors," said Kevin Cox, Americas Head of IBD. "The addition of this energy team is exciting for us, as lending is an important offering to our clients, and in the current environment we see tremendous opportunities to arrange financing for transactions."

    The UBS Global Energy Banking Group is one of the industry's largest dedicated Energy teams and serves the entire spectrum of energy clients from integrated and national oil companies, to upstream, oilfield services, midstream and refining/marketing companies. With locations in the Americas, Europe and Asia, UBS's Global Energy practice has worked on numerous high-profile transactions in capital markets and M&A advisory over the past 12 months, including roles as financial advisor to Grey Wolf on the company's $2 billion sale to Precision Drilling; financial advisor to W-H Energy on the company's $3.2 billion sale to Smith International; lead bookrunner on Anadarko Petroleum's $1.5 billion equity financing; joint bookorunner on Devon Energy's $1.2 billion debt financing; and lead bookrunner on Weatherford International's $1.25 billion debt financing.




    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 75,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  7. UBS Global Management Reports Pension Plans Ended the Third Quarter With a Weaker Funding Ratio, as Liabilities Outperformed Assets

    UBS Global Asset Management today announced that its US Pension Fund Fitness Tracker, a quarterly estimate of the overall health of a typical US defined benefit pension plan, shows pension funding ratios decreased by one percentage point in the third quarter of 2009, as liabilities outperformed assets.

September 2009

  1. UBS Global Life Sciences Conference Opens in New York

    The UBS Global Life Sciences Conference opens today at the Grand Hyatt in New York City and runs through Wednesday, September 23. The annual UBS Global Life Sciences Conference is among the largest health care investor conferences in the world. Senior executives from the leading pharmaceutical, biotechnology and medical technology companies will provide their insight and outlook on the global life sciences industry. More than 2,000 people are expected to attend. Presenting companies include:

    Actelion Pharmaceuticals Ltd.
    Agilent Technologies, Inc.
    Alcon, Inc.
    Alexion Pharmaceuticals, Inc.
    Allergan, Inc.
    Allscripts-Misys Healthcare Solutions, Inc.
    AstraZeneca PLC
    Biogen Idec Inc.
    BioMed Realty Trust Inc.
    bioMerieux SA
    Cardinal Health, Inc.
    CareFusion Corporation
    Celgene Corporation
    Cephalon Corporation
    Charles River Laboratories International, Inc.
    Covance Inc.
    Danaher Corporation
    DENTSPLY International
    Eli Lilly and Company
    F. Hoffmann - La Roche Ltd.
    Genzyme Corporation
    Gilead Sciences, Inc.
    Hospira, Inc.
    Human Genome Sciences Inc.
    Illumina, Inc.
    IMS Health, Inc.
    Intuitive Surgical, Inc.
    Laboratory Corporation of America Holdings
    Life Technologies Corporation
    Merck & Co., Inc.
    Mettler-Toledo International Inc.
    Millipore Corporation
    Mylan Inc.
    Myriad Genetics, Inc.
    Novartis AG
    Pall Corporation
    PharMerica Corporation
    QIAGEN N.V.
    Quality Systems, Inc.
    ResMed Inc.
    Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
    Sigma-Aldrich Corporation
    Smith & Nephew plc
    Stericycle, Inc.
    Stryker Corporation
    Teva Pharmaceutical Industries Limited
    Thermo Fisher Scientific Inc.
    Vertex Pharmaceuticals Incorporated
    Zimmer Holdings, Inc.


    *This is a partial list of presenting companies. Companies subject to change.

    To access the agenda, please go to www.ibb.ubs.com/Conferences.


    Audio transmissions and the conference agenda will be available on the UBS Investment Bank website at www.ibb.ubs.com/Conferences. Audio transmissions of company presentations will be available live and by replay. Replays will begin three hours after the actual presentation time and will be available on the site for up to four weeks.




    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 75,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  2. Sergio Marchionne and Peter Voser will not stand for re-election to the Board of Directors of UBS AG

    UBS has announced that Sergio Marchionne, senior independent director of the Board of Directors, and Peter Voser have decided not to stand for re-election to the Board of UBS AG at the annual general meeting (AGM) which will take place on 14 April 2010. Sergio Marchionne and Peter Voser would both like in future to focus on their current demanding management positions and have therefore decided not to seek any further mandates at UBS.

    Sergio Marchionne is chief executive officer (CEO) of Fiat S.p.A., Turin, and Fiat Group Automobiles as well as CEO of Chrysler Group LLC and chairman of CNH Case New Holland, a Fiat Group company. He was elected to the BoD at the AGM 2007 and appointed independent vice chairman and senior independent director in 2008. He is a member of the governance and nominating committee and of the strategy committee.

    Peter Voser, CEO and executive BoD member of Royal Dutch Shell plc in London, was elected to the BoD at the AGM 2005. He is a member of the governance and nominating committee and of the strategy committee.

    Kaspar Villiger, Chairman of the Board of UBS, said of these decisions: "I would like to thank the outgoing board members Sergio Marchionne and Peter Voser for their strong contributions to the management of our firm. With their comprehensive economic and entrepreneurial competence they supported UBS in difficult times and provided significant input to the stabilization and the successful initiation of the turnaround of our company."

    UBS will provide information at a later stage regarding candidates to succeed the outgoing board members.

  3. UBS Investment Bank Strengthens Healthcare Banking Team by Hiring Four Managing Directors

    UBS Investment Bank announced today that it has hired four senior investment bankers within the firm's Healthcare Banking group. Denis Fabre, Steven L. Fisch, M.D., Les Franks and Holly Sheffield will join the firm's Investment Banking Department (IBD) as Managing Directors. Fisch, Franks and Sheffield will report to M. Robert DiGia, Global Head of Healthcare banking, and will be based in New York City. Fabre will be based in London and report to Doug McCutcheon, Head of Healthcare for Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC).

    "Denis, Steven, Les and Holly are each outstanding in their fields, with proven credibility advising top-tier clients and delivering strategic solutions," said DiGia. "We are thrilled they will be joining UBS and are confident they will continue to strengthen and advance our coverage of the sector, offering unique, strategic advisory and financing solutions for clients."

    Fabre will be responsible for the medical technology and services segments of Healthcare in EMEA. He was most recently a Managing Director on the Healthcare Team at Deutsche Bank. Prior to Deutsche Bank, he worked at Lehman Brothers and Bear Stearns. Denis has an MBA from The Wharton School at the University of Pennsylvania, and a degree in Business Administration and Finance from HEC, Ecole des Hautes Etudes Commerciales, France.

    Fisch will have responsibility for the Firm's life sciences coverage efforts. Fisch has worked for the past 16 years advising clients, including time spent at Credit Suisse as Co-Head of Life Sciences and at Citi as Co-Head of US Healthcare. He most recently worked as an independent consultant advising healthcare companies and has also worked for the Adaptive Design Association, a nonprofit that makes customized equipment for children with disabilities. Fisch holds an MD from the College of Physicians and Surgeons at Columbia University and was a resident in Internal Medicine at New York-Presbyterian Hospital. He holds a BA from the University of Pennsylvania.

    Franks will oversee sectors within Services including distribution, pharmaceutical services and healthcare information technology. He will join UBS from Thomas Weisel Partners where he was a Managing Director on their healthcare team. He previously spent eight years at Banc of America Securities, most recently as a Managing Director. Earlier in his career, Franks worked at UBS in the Healthcare group. Franks holds an MBA from the Columbia Business School and a BS from University of Georgia, Athens.

    Sheffield will be responsible for banking coverage for all subsectors of medical technology. She will join UBS after 13 years at Credit Suisse where she was most recently a Managing Director in Healthcare Banking in San Francisco and New York. Sheffield holds an MBA from Columbia Business School and a BA from Cornell University.

    Rick Leaman, Global Head of IBD, added, "Healthcare is an important and key sector to UBS. By bringing on board talented and highly sought after bankers like Denis, Steven, Les and Holly, it demonstrates UBS's commitment to growing this integral part of the business. I believe we will quickly see an impact from their addition to the Healthcare Banking group."

    UBS's Global Healthcare Group is one of the largest healthcare investment banking groups in the industry with over 50 bankers across the US, Europe, Asia, Australia and Latin America. The group's 16 senior coverage officers provide coverage across the healthcare services, pharmaceuticals, specialty pharmaceuticals, medical technology and biotechnology sectors.

    Over the past several months, UBS's Global Healthcare Group has worked on numerous high-profile transactions in capital markets and M&A advisory with an aggregate value of more than $10 billion. Notable transactions include: Joint Global Coordinator and Joint Bookrunning Manager on Sinopharm's $1.1 billion Initial Public Offering, the largest ever healthcare IPO in Asia; Joint Bookrunning Manager on Emdeon's $422 million Initial Public Offering, the largest Healthcare IT IPO in 10 years; Lead Bookrunning Manager on Cumberland Pharmaceuticals' $85 million Initial Public Offering, the first U.S. biopharmaceutical IPO in the last 22 months; Exclusive Financial Advisor to Concateno Plc on its $240 million sale to Inverness Medical Innovations, Inc.; Joint Bookrunning Manager on Merck & Co's $4.25 billion 4-Tranche Bond Offering, representing the first debt transaction UBS has led for Merck.




    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 75,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  4. UBS Investment Bank Hires Bora Sila as Managing Director and Head of Americas Retail Banking

    UBS Investment Bank today announced that Bora Sila will join its Investment Banking Department (IBD) as Managing Director and Head of Americas Retail Coverage within the firm's Global Consumer Products and Retail Group. Sila will report to Guy Phillips, Global Head of Consumer Products and Retail Group, and will be based in New York City.

    In his new role, Sila will be responsible for banking coverage for all retail clients in the Americas. He joins UBS after 19 years at Citigroup where he held a number of senior positions in investment banking focusing on retail clients, most recently as co-head of the retail investment banking practice. Sila began his career at Goldman Sachs in equity research.

    "Even in today's volatile markets, we are seeing an increasing level of deal activity among retail companies, whether in M&A, capital raisings or restructurings," said Phillips. "Bora's depth of relationships, ability to manage complex transactions and significant industry knowledge gained from nearly two decades covering retail companies will be of great benefit to our clients as they look to UBS for superior advice and execution."

    Sila holds a BA from the University of Pennsylvania and an MBA from Columbia Business School.




    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 75,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

August 2009

  1. Times still hard for SMEs - Apprenticeship market intact

    The results of the latest survey, which UBS conducts on a quarterly basis within the context of the UBS SME barometer in cooperation with the Swiss Trade Association showed that Swiss SMEs are still struggling in the face of economic turbulence. Thus, revenues and profits continued to fall in the second quarter, while the employment trend was once again negative. Expectations for the third quarter show no signs of improvement: Revenues and cash flows are likely to decline further, while price pressure is expected to increase marginally, and even developments in the workforce are showing no signs of reversing the trend.

    Three quarters of the SMEs we surveyed advertised apprenticeships in the last year; who on average employed 5.5 apprentices. The survey indicates that the number of available apprenticeships in the service sector and in tourism is likely to rise slightly, while trainees in the retail sector are expect to face a dearth of vacancies. Overall, 83% of all SMEs surveyed are not planning any changes to the number of apprenticeship vacancies in the current year, 9% plan an increase and 8% a reduction. According to our survey, the number of vacancies on the apprenticeship market is unlikely to change to any significant extent.

    Industrials bring up the rear
    The business climate among industrial SMEs - calculated on the basis of the survey findings on output, revenues and new orders - deteriorated once again in the second quarter. The SMEs had to endure a repeated drop in profit and cash flows. Many industrial SMEs are suffering in the face of the slump in global trade. Incoming orders fell significantly year-on-year; more so in the export segment than in domestic trade. As a result, there were widespread production cutbacks, incoming orders tailed off and a further cut in production is likely in the coming months. Although the SMEs see the third quarter slightly less sceptically, the outlook remains gloomy and according to estimates of those surveyed, the business climate is expected to remain considerably negative.

  2. Announcement by Swiss Confederation regarding conversion of UBS mandatory convertible notes and placement of shares

    The Swiss Confederation (the "Confederation") has announced its intention to exercise its right to convert all CHF 6 billion of its holding of UBS Mandatory Convertible Notes due 2011 ("MCNs") and to place with institutional investors the newly issued UBS shares received upon conversion.

    Upon conversion of the MCNs, UBS will issue 332,225,913 new shares with a nominal value of CHF 0.10 each from existing conditional capital. As a result, the share capital of UBS will increase from currently CHF 322,583,859.90 to CHF 355,806,451.20. Conversion and the capital increase are expected to take place on 25 August 2009.

    Further, in connection with the conversion of the MCNs, the Confederation will waive its right to receive future coupons on the converted MCNs for a cash amount of approximately CHF 1.8 billion, (the "Coupon Consideration"), representing the present value of the future coupon payments. The Coupon Consideration is expected to be paid on 25 August 2009. UBS considers the Federal Council's decision an acknowledgement of the measures the bank has taken so far to restore its health. Chairman Kaspar Villiger said: "The Board of Directors and the executive management of UBS would like to thank the Swiss Confederation, the Swiss National Bank and FINMA for their prudent and resolute course of action from October 2008 to this day."

  3. Formal signing of settlement agreement relating to the John Doe summons

    Agreement does not call for any payment

  4. UBS study: «Prices and Earnings» 2009

    Oslo, Copenhagen, Zurich and Geneva named the most expensive cities; wages highest in Switzerland, Denmark and the US

  5. UBS launches "Tap" trading strategy in Asia Pacific

    As part of the continued expansion of its global algorithmic trading platform, UBS's Global Equities business today announced the launch in Asia Pacific of the advanced algorithmic trading strategy, UBS Tap.

    Tap is an automated trading strategy that seeks out multiple sources of liquidity in the market, while offering traders a range of urgency options that control how fast an order fills and how much of the order will interact with displayed markets and non-displayed liquidity.

    "Tap is the most agile algorithm yet and provides traders with ultimate control. It is designed for traders who wish to minimize their potential market impact on their order but, at the same time, reduce the risks of opportunity cost," said YANG Xia, Managing Director and Head of Algorithmic Trading for UBS in Asia Pacific.

    UBS Tap was originally launched in the US in response to client requests for a liquidity-seeking strategy that used advanced logic to access multiple trading venues efficiently and quietly. Built specifically for APAC's unique markets, the regional launch of Tap provides UBS clients who trade in Australia, Hong Kong and Japan with access to intelligent and high-quality execution.

    "UBS is a market share leader in Asia Pacific. We have the number-one share in Australia and Hong Kong and are a leading liquidity provider in Japan. Tap allows our clients to take advantage of this massive liquidity more effectively than ever before via the UBS Price Improvement Network (UBS PIN)," said SAITO Takayuki, Head of Direct Execution for APAC.

    TapNow is a highly aggressive variant of Tap. It seeks liquidity with high urgency for situations in which speed of execution is critical. TapNow is also designed to access displayed and non-displayed market liquidity-sources simultaneously, and so optimize crossing opportunities while, at the same time, targeting urgent order completion.

  6. Agreement to resolve the John Doe summons

    Today, the US government informed the US District Court of the Southern District of Florida that all parties have reached an agreement to resolve the John Doe summons matter and that they have initialed the final documentation. The hearing scheduled for 17 August will be removed from the court's calendar, and immediately after the formal signing has occurred, the parties will file the agreed upon stipulation of dismissal with the court.

  7. UBS reports a second quarter loss of CHF 1.4 billion; quarter-end BIS tier 1 ratio of 13.2%

    UBS reports a second quarter loss of CHF 1,402 million.

July 2009

  1. Update on John Doe Summons Litigation

    The US Government has informed the Court in the John Doe Summons matter that the parties have reached an agreement in principle on the major issues and expect to resolve the remaining issues in the coming week. A status conference among the parties has been scheduled for August 7, 2009. At the request of the US and Swiss Governments, we have agreed not to comment further at this time.

  2. The UBS consumption indicator regains some ground

    In June, the monthly UBS consumption indicator rose from 0.75 to 0.96, marking a slight recovery following a 12-month downswing. However, the indicator has remained below its long-term average of 1.50 for nine months now.

    The UBS consumption indicator is calculated from five sub-indicators: new car sales; business activity in the retail sector; the number of domestic overnight stays in hotels by Swiss residents; the consumer sentiment index; and the volume of credit card transactions via UBS at points of sale in Switzerland. The slight recovery in June is due among other things to a rise in new car registrations and an anticipated rise in the number of overnight hotel stays by Swiss nationals in Switzerland. Nevertheless, year-on-year, the vast majority of components remain distinctly on the decline.

    While the indicator's level hints at a modest expansion in Swiss private consumption in June, the future environment remains difficult. In the course of the economic downturn, unemployment is likely to increase significantly in the coming months, which will have a negative impact on consumption tendencies. By contrast, inflation, which remains low, is expected to have a positive influence on purchasing power and should partly cushion the current slowdown in private consumption. Overall, however, UBS does not believe that the recent recovery marks a turnaround and expects the economy to continue shrinking until 2010. Following a 1.7% real increase in consumer spending last year, UBS forecasts a more modest increase of 0.4% for 2009.

  3. UBS Names Stuart Hendel as Global Head of Prime Brokerage and Mitch Moore as Global Head of Exchange-Traded Derivatives

    UBS Investment Bank announced today that it has appointed Stuart Hendel as Global Head of Prime Brokerage. UBS also announced that it has named Mitch Moore as Global Head of Exchange-Traded Derivatives (ETD). Both Hendel and Moore will report to Daniel Coleman, Global Head of Equities.

    Hendel, 50, previously held the position of Global Head of Prime Brokerage at Morgan Stanley in New York. From 2004 through 2007, he served as Chief Operating Officer of Eton Park Capital Management. Prior to joining Eton Park, Hendel was US Head of Prime Brokerage at Morgan Stanley.

    "We consider prime brokerage a critical offering within our leading global Equities business and a business we are strongly committed to," said Coleman. "Since the onset of the financial crisis and dislocation in the markets, the hedge fund landscape and the needs of those clients have changed significantly. Stu's long and respected track record running a global prime brokerage business and developing innovative solutions for this important client segment will serve to strengthen and grow our franchise."

    Moore, 46, joined UBS in 1992 and rejoins the firm following his departure last year. He previously ran the ETD business for UBS and its predecessor firm, Union Bank of Switzerland. Most recently, until March 2008, he held the position of Global Chief Operating Officer for Equities and Fixed Income, Currencies & Commodities (FICC) at UBS. Moore has also held other senior positions at the firm, including Global Head of Prime Brokerage and Global Head of Convertible Sales.

    "Over the coming years, the derivatives clearing business is likely to be the area of the securities industry that will see the most change, which will present an enormous potential for growth in new products," said Coleman. "With more than a decade of experience in clearing businesses, Mitch has the background, seniority and caliber to grow this business into new areas and take advantage of these exciting opportunities."

    Both appointments are effective September 1, 2009. Hendel will be based in New York and Moore will be based in London.

    Hendel earned his BA from Wesleyan University and his JD from Cornell University Law School. Moore holds a BSc in business administration from the University of Bath.


    About UBS

    Headquartered in Zurich and Basel, Switzerland, UBS is one of the world's leading financial firms. It serves a discerning, international client base with its wealth management, investment banking and asset management businesses. In Switzerland, UBS is the market leader in retail and commercial banking.

    UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 75,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

  4. UBS Investment Bank expands coverage in US Equities Research with new senior hires


    UBS Investment Bank announced today that it has hired three analysts in US Equities Research. Janet Pegg and Heather Wolf have joined US Equities Research as Managing Directors and Erika Penala as a Director. Pegg joins UBS in the Strategy & Valuation group as an accounting analyst. Wolf will be the head of a Financials team covering Large Cap Banks and Penala will cover Mid- and Small-Cap Banks, reporting to Wolf. Both Pegg and Wolf will be based in New York and will report to David Bleustein, Head of US Equities Research.

    "UBS is proud to offer our clients the differentiated research they need across a broad coverage universe," said Bleustein. "Janet, Heather and the new Financials team bring significant knowledge and experience in their respective fields, and we look forward to their contributions both to their sectors and to our overall research offering."

    Pegg joins UBS from Encima Global where she was an Accounting and Tax analyst. Prior to Encima, she spent 25 years as a top-rated analyst at Bear Stearns & Co. where she was ranked in the Institutional Investor All-America Research team survey for the past five years, placing first in 2007. She has extensive knowledge of the Accounting and Taxation spaces with many years of experience focusing on US and international GAAP, SEC reporting requirements, and US federal taxation together with their implications to investment analysis. Pegg holds an MBA from New York University and a Bachelor of Arts in Economics from Rutgers University.

    Wolf will cover US Large-Cap Banks within the Financials sector. She joins from Banc of America Securities-Merrill Lynch where she was a top-rated analyst for the past five years covering US Large-, Mid- and Small-Cap banks. She placed 1st in her sector in 2008 in the Institutional Investor All-America Research team survey. Prior to joining Merrill Lynch, Heather spent six years at Goldman Sachs, where she covered US and Canadian financial services companies. Heather earned her Bachelor of Science in Commerce from the University of Virginia and is also a CFA charterholder.

    Penala joins UBS as a Director in the Financials sector. She spent the last three and a half years working as an analyst in the US Mid- and Small-Cap Banks space at Banc of America Securities-Merrill Lynch.

    UBS has more Institutional Investor ranked analysts than any other firm and is a leading provider of research on companies, industry sectors, geographical markets and macroeconomic trends. UBS Equities Research covers more than 3,300 companies globally, representing 85% of the world's market capitalization.

  5. UBS Saudi Arabia receives commencement letter from the Capital Market Authority of the Kingdom of Saudi Arabia

    UBS AG today announces that UBS Saudi Arabia has received approval from the Capital Market Authority (CMA) to commence securities business activities in the Kingdom of Saudi Arabia. This enables the firm to expand its presence in the Middle East and marks a further step towards the firm's goal of becoming one of the region's leading financial services providers.
    UBS Saudi Arabia is based in Riyadh and will provide the firm's comprehensive range of services to government, corporate and individual clients covering wealth management, investment banking, fixed income sales and execution, and institutional asset management.

    In establishing UBS Saudi Arabia, UBS has partnered with local interests including Mohammed Al Dhoheyan, previously CEO of the Development and Management House for Investments, and MerchantBridge, an equity house investing in the Middle East.

    John Fraser, Chairman and CEO of UBS Global Asset Management, UBS AG Group Executive Board member and Chairman of UBS Saudi Arabia said: "We are delighted with the approval to commence business in Saudi Arabia and look forward to providing top quality financial and securities business services to our clients in the Kingdom."

    "With over 40 years' experience in the region, our decision to establish UBS Saudi Arabia in the Kingdom is further affirmation of UBS's long-standing commitment to the Middle East and marks yet another important milestone in this very critical and substantial market."

    Mohamed Sammakia, CEO of UBS Saudi Arabia also commented: "Saudi Arabia is the dominant market in the Gulf region and, as such, we are very determined to make this business a success. In particular we are very proud of the excellent team already on the ground that will support our local clients and capitalise on the myriad of opportunities within the Kingdom".

    Mohamed Al Dhoheyan, Vice Chairman of UBS Saudi Arabia also commented: "UBS has a deep-rooted relationship with the Kingdom dating back to the early 1950s. We have a great opportunity to capitalize on our strengths by now being on the ground."

  6. The US government and UBS, supported by the Swiss government, agree to 15-day suspension of John Doe summons litigation

    UBS welcomes the announcement that the US and Swiss governments have agreed to negotiations for the purpose of resolving the John Doe summons litigation.

    This agreement has resulted in a joint motion by the US government and UBS, with the support of the Swiss government, for a stay of the litigation in Miami for a duration of 15 days in order to achieve a settlement. The parties and the Swiss government will present this motion for the court's approval on Monday morning.

June 2009

  1. UBS consumption indicator falls further

    The UBS consumption indicator, which is calculated monthly, fell in May from 0.91 to 0.77, thereby continuing its downward trend. The indicator has thus remained below its long-term average of 1.50 for eight consecutive months now.

    The UBS consumption indicator is calculated from five sub-indicators: new car sales; business activity in the retail sector; the number of domestic overnight stays in hotels by Swiss residents; the consumer sentiment index; and the volume of credit card transactions via UBS at points of sale in Switzerland. The decline in May was chiefly due to the decline in new car registrations, which were down 15.3% compared to the same period last year, and to gloomy consumer sentiment. The seasonal decline in the number of domestic hotel overnight stays by Swiss nationals also had a negative effect, while improving retail sales offset this somewhat.

    At its current level, the UBS consumption indicator signals that Swiss consumer spending is continuing to increase slightly. The prospects are, however, becoming increasingly gloomy. In the course of the economic downturn, unemployment is likely to increase significantly in the coming months, which will have a negative impact on consumption tendencies. On a more positive note, falling inflation, especially with regard to energy sources, is likely to bolster purchasing power and hence consumer spending. Following a 1.7% real increase in consumer spending last year, UBS forecasts a more modest increase of 0.4% for 2009.

    UBS Consumption Indicator and private consumption in Switzerland
    (Private consumption: year-on-year change in %, UBS Consumption Indicator: index level)

  2. CHF 3.8 billion placement of new shares from authorized capital

    Notice to Investors in the United States
    This press release does not constitute an offer of securities for sale in the United States of America. Securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States of America absent registration or an exemption from registration thereunder.

    Notice to Investors in the European Economic Area
    No action has been or will be taken in any member state of the European Economic Area which has implemented the EC Directive 2003/71/EC of the European Parliament and of the Council dated November 4, 2003 (the "Prospectus Directive") (each a "Relevant Member State") that would permit a public offering of the securities described herein, or the distribution of a prospectus or any other offering material relating to such securities in any Relevant Member State. In particular, no prospectus within the meaning of the Prospectus Directive and/or the laws implementing the Prospectus Directive in the Relevant Member State has been or will be filed with or approved by the competent authorities of any Relevant Member State in connection with such securities for publication within such Relevant Member State or notification to the competent authorities in another Relevant Member State. Accordingly, if any offer or sale of the securities described herein or any distribution of offering material constituted a public offer in any Relevant Member State it may violate the provisions of laws implementing the Prospectus Directive in such Member State unless certain exceptions set forth in the Prospectus Directive have been fulfilled and these exceptions have been implemented in the Relevant Member State. For the purposes of this provision, the expression an "offer of securities to the public" in relation to the securities described herein in any Relevant Member State means a communication to persons in any form and by any means presenting sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe the securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive.

    Notices to Investors in the United Kingdom
    In the United Kingdom, this press release is directed only at (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom any person who is not a relevant person should not act or rely on this press release or any of its contents. Any investment or investment activity to which this press release relates is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.

  3. UBS provides an update on its current trading performance

    Based upon preliminary results for April and May and estimated results for June, UBS expects to incur a net loss for its second quarter 2009. The majority of the expected loss is attributable to own credit and the restructuring charges that have already been announced. The operating result for the quarter is expected to represent an improvement compared with the first quarter of 2009, largely attributable to better market conditions affecting the Investment Bank and a reduction in losses and write downs on legacy risk positions.

  4. UBS appoints Chi-Won Yoon as Chairman & CEO, Asia Pacific

    UBS today announced the appointment of Chi-Won Yoon as Chairman & CEO of Asia Pacific and as member of UBS's Group Executive Board, with immediate effect. Yoon succeeds Rory Tapner who, after 25 years, is leaving UBS.

  5. UBS Investment Bank Continues Expansion of Alternative Research Through Strategic Alliance with Abacus Analytics

    UBS Investment Bank's Equities Research business announced today that UBS Alternative Research has continued its expansion by broadening its existing relationship with Abacus Analytics, a quantitative consulting firm. Offerings from Abacus include research and consulting services organized around the portfolio management process, featuring models and analytics for alpha generation, risk management, portfolio construction and performance attribution.

  6. Fixed Income APAC Appointment

  7. UBS Global Technology & Services Conference Opens in New York

    The UBS Global Technology & Services Conference opens today at the Sheraton New York Hotel and Towers in New York City and runs through Wednesday, June 10. The conference will feature presentations by senior executives from more than 180 global technology and services firms to provide insight into the industry.

  8. UBS Investment Bank Expands Alternative Research Through Strategic Alliance with Trucost

    UBS Investment Bank announced today that its Alternative Research business has entered into a strategic alliance with Trucost Plc., an environmental research organization providing data and analysis on the carbon impacts of companies. Trucost helps investors, companies and governments understand how environmental issues will affect companies' business activities.

May 2009

  1. UBS restates 2008 annual report

  2. China's auto market - the key beneficiaries

    In UBS Investment Bank's latest Q-Series® Research Report: China Passenger Vehicles, it examines the Chinese auto industry and provides assistance to investors in understanding the changes the market is experiencing in terms of demand from a top-down and provincial level perspective.

    "Growth in the auto market is likely to remain strong, but because demand in China's less-developed regions is catching up with the country's more affluent coastal areas, in addition to the government implementing plans on auto consumption, domestic vehicle brand development and industry consolidation, not all automakers will be equally positioned to capture the growth," says Tyran KAM, analyst at UBS Investment Bank.

    "We believe these demand changes will persist so in this report we examine the changes, analyse the causes, and predict the next growth area in terms of geography and product. We also look at statistics that identify those companies best positioned to capitalize on the shifts in demand and those companies most likely to succeed in the new auto landscape in the years ahead," KAM added.

    "We expect the central and eastern regions and part of the western region to be key areas for growth in the medium term with lower-priced domestic brands and smaller vehicles benefiting in these less developed markets. As growth migrates to these areas, we forecast this will have a significant impact on the performance of individual automakers because of the differing geographical exposures among the industry's players."

  3. UBS launches internal crossing platform - the UBS Price Improvement Network (UBS PIN)

    The global Equities business of UBS (NYSE: UBS; VTX: UBS) today announced the launch of an internal crossing platform in Hong Kong - the UBS Price Improvement Network (UBS PIN).

  4. SME: severe setbacks in exports

  5. UBS Investment Bank Expands US Equities Research With New Communications Sector Team

    UBS Investment Bank announced today that it has hired a new team in the Communications sector, focusing on internet, interactive entertainment and related technology companies. Brian Pitz joins as an Executive Director and the team leader, Brian Fitzgerald as a Director, and Kaizad Gotla as an Associate Analyst. Fitzgerald and Gotla report to Pitz, who reports to John Hodulik, Managing Director and Sector Head of the Communications group.

  6. UBS names Andreas Höfert new chief economist in Switzerland

    UBS has named Andreas Höfert the chief economist of Wealth Management & Swiss Bank.

    Andreas Höfert (1967) has been with UBS since 1999, first as a senior economist in Corporate Center and later as the head of Swiss Macroeconomic Research in the Investment Bank. He was also the head of Macro and Fixed Income Research for Wealth Management in the US before his current role.

    Oswald J. Grübel, Group CEO, said: "The role of the chief economist has an important meaning at UBS. In these times of fundamental economic change, independent analysis and recommendations are critical for our clients."

    Andreas Höfert studied economics with a specialization in international macroeconomics and econometrics at the University of St. Gallen, where he also received his PhD. He is a Swiss citizen and is from Geneva.

    The previous chief economist, Klaus Wellershoff, is concentrating on his ongoing projects as an independent economic expert. UBS thanks Klaus Wellershoff for his outstanding work as a long-time chief economist and wishes him much success in his future entrepreneurial endeavors.

  7. UBS Investment Bank Completes Acquisition of the Commodity Index Business of AIG Financial Products Corp

    UBS Investment Bank announced today that its Equities business has completed the acquisition of the commodity index business of AIG Financial Products Corp, including AIG's rights to the the Dow Jones-AIG Commodity Index. The transaction closed on May 6, 2009.

  8. UBS reports a first quarter loss of CHF 2.0 billion; quarter-end BIS tier 1 ratio of 10.5%

    UBS reports a first quarter loss of CHF 1,975 million.

April 2009

  1. UBS Hires Andy Blocker as a Managing Director for US Public Policy

    UBS Global Asset Management today announced the appointment of John UBS today announced that it has hired Ananias (Andy) Blocker as a Managing Director in its US Office of Public Policy. Blocker is based in Washington, DC and will represent UBS on banking, securities and other financial services issues on Capitol Hill and the executive branch. He reports to John Savercool, Head of US Public Policy.

  2. UBS consumption indicator recovers slightly

    The monthly UBS consumption indicator rose in March from 0.89 to 0.99 and for now has called a halt to the downtrend. Despite the most recent increase, the indicator remains below its long-term average of 1.50.

    The UBS consumption indicator is calculated from five sub-indicators: new car sales; business activity in the retail sector; the number of domestic overnight stays in hotels by Swiss residents; the consumer sentiment index; and the volume of credit card transactions via UBS at points of sale in Switzerland. The slight increase in March is due on the one hand to the 0.8% rise in new car registrations, compared to a year earlier. On the other hand, the somewhat brighter consumer sentiment contributed to the increase. By contrast, the declining number of hotel overnight stays by Swiss nationals in Switzerland and the deteriorating business activity in the retail sector had a negative impact. The latter fell below its longterm average in March for the first time in just under three years.

    At its current level, the UBS consumption indicator signals that Swiss consumer spending is continuing to increase slightly. The prospects are, however, becoming increasingly gloomy. In the course of the economic downturn, unemployment is likely to increase significantly in the coming months, which will have a negative impact on consumption tendencies. However, on a more positive note, falling inflation, especially with regard to energy sources, is likely to bolster purchasing power and hence consumer spending. Following a 1.7% real increase in consumer spending last year, UBS forecasts a more modest increase of 0.4% for 2009.

  3. UBS names Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank

    UBS today announced the appointment of Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank effective immediately.

    Alex Wilmot-Sitwell joined the firm in 1996 and is a member of the Group Executive Board. He has been joint global head of the Investment Banking Department since November 2005 and Chairman and CEO of UBS Group Europe, Middle East & Africa (EMEA) since January 2008.

    Carsten Kengeter joined UBS in September 2008 and is the joint global head of Fixed Income, Currencies and Commodities (FICC) within UBS Investment Bank. In his new role he will also be a member of the Group Executive Board.

    Oswald J. Grübel, Group CEO of UBS, commented on the appointments: "I would like to congratulate Alex and Carsten on their new roles. Under their joint leadership we will continue to build on the strong core businesses of our Investment Bank and remediate our legacy risks. Our Investment Bank is indispensable to our global firm and to our integrated business model."

    Jerker Johansson has resigned from his role as CEO of the Investment Bank with immediate effect. He joined UBS in March 2008 and was a member of UBS's Group Executive Board.

    "I would like to thank Jerker for his great efforts and his valuable contribution to the repositioning of our Investment Bank," Grübel said.

  4. UBS's position in regard to the "Frontal21" TV program (German television ZDF on 21.04.09)

    UBS takes the following position in regard to the "Frontal21" TV program (ZDF on 21.04.09) and the speculation it contained:

    The so-called "confidential internal memo", that was supposedly sent to a UBS vice chairman and shown on the program, is a counterfeit. The assertions made in the program are without any basis in fact.

    In the alleged memo, meetings were referred to and figures listed about internal foundations and companies that UBS purportedly established in Liechtenstein, Panama, the British Virgin Islands and Jersey for German clients.

  5. UBS sells its Brazilian operation "UBS Pactual" for approximately USD 2.5 billion (CHF 2.8 billion)

    Today, UBS announces that it has agreed to sell its Brazilian financial services business, UBS Pactual, for approximately USD 2.5 billion to BTG Investments, headed by André Esteves.

  6. Annual General Meeting of UBS AG

    At the Annual General Meeting (AGM) on 15 April 2009, UBS AG shareholders approved the annual report and the Group financial statements for 2008, agreed to offset the loss for the year against reserves and re-affirmed Ernst & Young, Basel, as auditor, and BDO Visura, Zurich, as special auditor. In addition, shareholders approved the principles and fundamentals of the new compensation model for 2009 in an advisory vote with 87.65% of votes cast.

  7. UBS Global Management Reports Increase in US Pension Funding Ratios in 1Q2009 Due to Higher Liability Discount Rates

    UBS Global Asset Management today announced that its US Pension Fund Fitness Tracker, a quarterly estimate of the overall health of a typical US defined benefit pension plan, shows pension funding ratios increased by 6 percentage points in the first quarter of 2009.

  8. UBS names Ulrich Körner as Group COO and CEO of Corporate Center

    As UBS announced today, the Board of Directors appointed Ulrich Körner Group Chief Operating Officer (Group COO) and CEO of Corporate Center. In this newly created role, he will be a member of the Group Executive Board and the Group Executive Committee of the bank.

    Ulrich Körner (1962), a German-Swiss dual citizen, has been with Credit Suisse since 1998 and has served as a member of the executive management of the Credit Suisse Group for the last five years. He held various management positions, including CFO and COO of Credit Suisse. Most recently, he was responsible for the entire Swiss client business as CEO of the Switzerland region. Ulrich Körner received a PhD from the University of St. Gallen in business administration and served several years thereafter as an auditor and management consultant, primarily for financial services firms. He is married and the father of three children.

    In addition to his success in the management of client businesses, Ulrich Körner has considerable experience in restructuring and integrating corporate structures and processes as well as an acknowledged track record as a turnaround manager. In his new function he will be responsible for the service units centralized in Corporate Center as well as for the cross-divisional departments and projects of UBS. In addition, he will support the Group CEO and the CEOs of UBS's business divisions with the development and implementation of strategy.

    Walter Stuerzinger, currently Chief Operating Officer of Corporate Center, will leave the Group Executive Board. He has committed himself to supporting the Group COO with the development of Group-wide measures to enhance profitability and cost efficiency.

    Oswald J. Grübel, Group CEO, said: "Ulrich Körner brings, in addition to comprehensive managerial and banking know-how and client business knowledge, extensive expertise in the relevant processes, systems and technologies. In addition he possesses a critical mindset and sharp intellect. I am convinced that he will be a valuable addition to our management team."

    Central service unit within Corporate Center
    UBS will streamline processes and decision-making by bundling all group-wide service and infrastructure units within its Corporate Center. This comprises Procurement and Real Estate and Facility Management as well as personnel management. The IT units of the business divisions will likewise be consolidated at the group level with the already centralized IT infrastructure unit. This step creates the potential for sustainable efficiency increases and cost savings. Under the leadership of the new Group COO, the corresponding management and organizational structure will be immediately revised and implemented in an ongoing manner.

    Integrated management of control functions
    At the same time UBS is strengthening the management of its finance and risk control as well as its legal and compliance functions at the group level. Effective immediately, the corresponding units in the business divisions will report to the Group Chief Financial Officer, the Group Chief Risk Officer and the Group General Counsel respectively. Certain standardized processes and tasks that are currently performed by the business divisions will be consolidated group-wide. By centralizing management and responsibilities and consolidating processes and systems, the control functions of UBS will become stronger and more effective.

March 2009

  1. UBS AG Hong Kong Branch releases financial information

    The UBS AG Hong Kong Branch Key Financial Information Disclosure Statement (attached) includes financial information relating to the operations of the branch as at 31 December 2008. The Statement includes: Income Statement; Balance Sheet; Notes to the Accounts; Off Balance Sheet and Liquidity Information and Group Consolidated Financial Information.

    The UBS AG Hong Kong Branch is wholly integrated with the global operations of UBS AG and managed on global functional lines.

    Copies of the UBS AG Hong Kong Branch's Financial Disclosure Statement as at 31 December will be available at the 52/F Reception, Two International Finance Centre, or by contacting Sandra Chan (Tel: +852 2971 8894, Fax: +852 2971 6313, E-Mail: sandra.chan@ubs.com from 31 March 2009. A copy is also filed with the Hong Kong Monetary Authority, which keeps this notice in its Public Registry, maintained under Section 20 of the Hong Kong Banking Ordinance.

  2. Change of interest rate for UBS Time Deposit Accounts and Medium-Term Bond

    As of today, the following rates shall apply to UBS Time Deposit Accounts and Medium-Term Bonds:

    In order to further enhance the attractiveness of UBS fixed deposit accounts and UBS medium-term bonds, clients now have the opportunity to invest from 5,000 CHF versus the previous 25,000 CHF for a one-year period.

  3. UBS Hires Maurice Marchesini and Sean Minnihan as Managing Directors in Financial Institutions Banking

    UBS Investment Bank today announced that Maurice Marchesini and Sean Minnihan will join its Investment Banking Department (IBD) as Managing Directors in its Financial Institutions Group (FIG). They will report to Gary Howe and Halle Benett, Americas Co-Heads of FIG.

  4. UBS Agrees to Sell 55 Branches to Stifel, Nicolaus & Company, Inc.

    Stifel Chairman and Chief Executive Officer, Ronald J. Kruszewski, commented, "The addition of these UBS branches represents a unique strategic fit. The addition of this talented group of professionals furthers our efforts to meet our goal of expanding across the country and further build upon Stifel's recent growth achieved through our successful acquisitions and integrations of the Legg Mason Capital Markets Group in 2005, Ryan Beck in 2007 and Butler Wick last year."

    Jamie Price, Head of UBS Wealth Management Advisor Group, Americas, added, "This transaction is beneficial for both firms. It positions UBS to continue to gain market share in strategic markets which are key to our long-term growth. We also believe these branches will be able to integrate smoothly onto Stifel's platform and the Financial Advisors would continue to grow and assist their clients in meeting their financial goals."

  5. The recession hits Swiss SMEs

  6. UBS to buy back outstanding bonds in a public tender offer

    UBS today announces that it is making a tender offer relating to four lower tier 2 bonds with maturity dates between November 2015 and September 2019 and a notional value of around CHF 7 billion. The maximum size of the tender is approximately EUR 1 billion.

    The four subordinated notes targeted in this transaction currently trade at a significant discount to their original issuance price. If the transaction proceeds as expected, it would have a small beneficial effect on UBS's Tier 1 regulatory capital ratio.

    The tender period will end on March 25.

  7. Agenda for the annual general meeting of UBS AG on 15 April 2009

    UBS AG today sent the agenda for the annual general meeting (AGM) of UBS AG on 15 April 2009 to its shareholders. The agenda items are as follows:

February 2009

  1. UBS appoints Oswald J. Grübel as Group Chief Executive Officer

    The Board of Directors of UBS has appointed Oswald J. Grübel as its new Group Chief Executive Officer with immediate effect. Mr. Grübel succeeds Marcel Rohner who has resigned.

    Oswald Grübel's broad experience in the banking sector, and in leading a financial services company through transformation, will be invaluable to UBS in this challenging environment. With his previous employer Credit Suisse, Mr. Grübel was the architect of a successful turnaround and restored confidence in the company in turbulent times. During his career of almost forty years at Credit Suisse, he held various management positions both on Group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse.

    Peter Kurer, Chairman of UBS: With his indisputable leadership qualities, combined with his extensive expertise, Oswald Grübel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients. He will also be adept in balancing our focus on prudent risk taking and client confidence, and our goal to position UBS for future success."

    Oswald J. Grübel, Group Chief Executive Officer of UBS: I am convinced that the Swiss financial centre requires the presence of more than one big global bank. The opportunity to lead UBS with its unique client franchise in wealth management, investment banking and asset management in these extraordinary times presents a fascinating, yet formidable challenge to me. Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track."

    Peter Kurer: "In early January 2009, Marcel Rohner informed the Board of Directors of his intention to retire as Group CEO after the conclusion of the then ongoing Investment Bank repositioning and Wealth Management restructuring phase. During his career at UBS, and especially since his appointment as Group CEO, Marcel Rohner has shown a tremendous commitment to our clients, shareholders and employees. We are extremely grateful for his contributions."

  2. Reaction of UBS regarding today's communiqué from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg

    UBS took notice of today's communiqué from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. UBS does not believe the CSSF is correct.

    The Luxalpha fund was created at the explicit request of wealthy clients who requested a tailor-made fund to enable them to continue investing their assets with Madoff. These clients were represented by sophisticated financial institutions being fully aware of the nature of the investments. These investors, their advisors and the CSSF were informed about the fact that the sole purpose of Luxalpha was to enable the funds to be invested with Madoff. The fund documentation made it very clear that UBS (Luxembourg) SA was not expected to be responsible for the safekeeping of the assets. The fund documentation contained an explicit waiver to that effect. UBS does not have responsibility to these shareholders for the unfortunate results of the Madoff scandal.

    The communiqué from the CSSF has no impact on UBS's Wealth Management clients in Luxembourg or on UBS's Luxembourg funds.

  3. UBS Investment Bank Enhances US Equities Research With The Hiring of Two Senior Analysts

    UBS Investment Bank announced today that Don Carson and Marc Goodman have joined US Equities Research as Managing Directors in the Industrials and Healthcare sectors, respectively. Carson will cover Agricultural, Commodity, and Specialty Chemicals. Goodman will cover Specialty Pharmaceuticals and Generics. Carson and Goodman are based in New York and report to David Bleustein, Head of US Equities Research.

  4. UBS Intends to Challenge Enforcement of IRS "John Doe" Summons

    UBS AG (UBS) announced today that the U.S. Internal Revenue Service (IRS), as was expected, has commenced a civil action in the U.S. District Court for the Southern District of Florida seeking judicial enforcement of a civil "John Doe" summons that was served upon UBS in July 2008.

  5. UBS settles US Cross-Border Case with the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC)

    Today, UBS announced that it has entered into a Deferred Prosecution Agreement (DPA) with the US Department of Justice (DOJ) and a Consent Order with the Securities and Exchange Commission (SEC).

    As part of these settlement agreements:

  6. Consumption - the key beneficiaries in Asia

    In Asia, the shift from predominantly subsistence, agricultural-based living to urban, income-earning lifestyles over recent years, has triggered strong growth in consumption. The report seeks to identify which types of consumption in which countries will be the major beneficiaries in the future as well as which companies in the region are best placed to take advantage of these trends.

    "To do this, we focused on six consumption themes - the importance of domestic consumption to growth; stage of development; East versus West; extreme consumption; urban versus rural; and aged consumption. We then mapped various characteristics of countries across Asia and, along with UBS' GDP estimates, use our findings to forecast the nature of consumption in each country.

    "Our aim was not to propose exposure to particular types of consumption in every country but rather to identify particular types of consumption in specific countries which, based on their structural, cultural and economic characteristics, we expect to benefit the most," said Simon SMILES, Product Manager in the Asian Equity Research department of UBS Investment Bank

    "For example, we believe that the link between greater urbanization and an increased consumption of protein will prompt strong increases in demand for pork in China and dairy in India.

    "Health and medical consumption is also likely to increase most strongly in countries with strong expected real economic growth, fast growing aged populations and relatively low government provision, such as China, India and the Philippines" added Smiles.

    "Consumer finance also has significant potential over the medium to longer-term. The use of credit cards remains low in several markets. We recommend seeking longer term exposure to the credit card sector in China, India and Indonesia based on the strong correlation between consumption per capita and the average number of credit cards per consumer."

  7. UBS Provides the Best Coverage of European Equities

    UBS leads Institutional Investor's 2009 All-Europe Research Team for an eighth consecutive year, capturing 30 total positions. http://www.iimagazine.com

    The survey is based on the responses of 1,300 investors and portfolio managers at more than 540 buy-side firms managing an estimated $6 trillion in European equities.

    Nick Pink, Head of EMEA Equity Research at UBS said;

    "To be recognised by our clients during one of the most challenging periods in our industries history and for an eighth consecutive year, is an exceptional achievement"

    "We will continue to focus on our clients and with the addition of a number of key hires made in 2008, look forward to building on this success."

    For further information and interview requests, please contact Richard Morton, UBS Media Relations, +44(0) 20 7568 0175.

  8. Preparing UBS for the new market environment

    The Board of Directors and Group Executive Board of UBS have accelerated the process of focusing the bank on its client businesses to ensure long-term sustainable profitability.

    Peter Kurer, Chairman, said: "With our announcements we are emphasizing the importance of our core business in Switzerland, which will be much better represented in our leadership and governance going forward. In addition, we are showing our willingness to further invest in our industry-leading global Wealth Management business. The Board of Directors and the Group Executive Board are also renewing their full commitment to our Investment Bank. Over the last few months its business model has been completely refocused with a view to be managed in line with the requirements of the new banking landscape. Our Global Asset Management division is also well positioned to respond to market developments."

    Over the past 18 months UBS has aggressively managed the challenges of the financial crisis. UBS raised capital from private investors and from the Swiss government, reduced its cost basis, continuously reduced its balance sheet and substantially reduced its positions in troubled securities, including through the transaction with the Swiss National Bank (SNB). Furthermore, UBS has strengthened its governance, improved risk controls, streamlined its management structure and introduced an innovative, forward-looking compensation model.

    Marcel Rohner, Group CEO, said: "The conditions for the financial industry have changed and will remain different for the foreseeable future. We have adjusted our businesses such that they are best positioned to be profitable and to grow sustainable earnings in a new environment."

    Changes in Global Wealth Management and Swiss banking

    With immediate effect, UBS will establish two new business divisions: Wealth Management & Swiss Bank, comprising all non-American wealth management businesses as well as the Swiss private and corporate client business, and Wealth Management Americas.

    "The formation of the two new divisions will help to re-build our reputation and recognition. Management will focus on their specific strategic challenges which, among others, are changes in client behavior, new market dynamics and a tight regulatory environment," Marcel Rohner commented. "We will broaden the wealth management representation at the Group Executive Board level and, particularly, elevate the profile of the highly profitable and dependable Swiss business," Rohner added.

  9. UBS Global Healthcare Services Conference Opens in New York

    The UBS Annual Global Healthcare Services Conference opens today at the Waldorf Astoria Hotel in New York City and runs through Wednesday, February 11. The conference will feature presentations and updates from senior management from more than 130 of the leading healthcare services firms around the world.

  10. Robert Wolf is appointed to the President's Economic Recovery Advisory Board

    Commenting on his appointment to the President's Economic Recovery Advisory Board, Robert Wolf, Chairman & CEO of UBS Group Americas, said:

    "These are incredibly challenging times, which call for strong leadership, strategic vision, and effective counsel. I am confident in President Obama's direction, the mission of the President's Economic Recovery Advisory Board and believe that we can help tackle the issues affecting our nation's economy. I am honored to serve alongside former Fed Chairman Volcker and the other members as an advisor on this Board."

January 2009

  1. UBS outlook, first quarter 2009 - Business downturn at Swiss companies

    The majority of the some 400 industrial companies polled by UBS in November/December experienced a sharp downturn in their business trend in the fourth quarter of 2008. Orders received, production and sales fell substantially after many years of expansion. Expectations for the first quarter 2009 are even more pessimistic across the board. Similar trends are visible in the services sector, which is now covered in more detail in the UBS survey.

    UBS Business Cycle Indicator on the slippery slope
    The UBS Business Cycle Indicator, compiled from the results of the Swiss industry survey and a trend barometer for Swiss GDP, is continuing its downward slide. With 0.8% in the fourth quarter of 2008 and 0.4% in the first quarter, it is still positive, but UBS Wealth Management Research assumes that the recession has already set in throughout the Swiss economy and is now forecasting a contraction of 1.2% in real GDP for 2009 followed by weak growth of 0.2% next year.

    Headline indicators breach negative territory
    Virtually all indicators in the UBS industrial survey showed negative values for the fourth quarter. Companies' responses indicated substantially more declines than increases in orders received, production, order backlogs, earnings and cash flow, and a noticeably large number even reported sharp drops. The downward trend was somewhat more moderate in sales, thanks to robust selling prices. In terms of sales and orders, it was exports that felt the most pressure. The negative business trend is clearly reflected in companies' expectations for the first quarter of 2009. Likewise, employment, which until now had remained slightly positive in the total sample of companies polled, is set to deteriorate considerably.

    Export industries lead the downturn
    While the overall trend for all industries covered in the UBS survey was clearly negative, the extent of the deterioration varies substantially from one to another. The most heavily hit in fourth quarter 2008 were export manufacturers. Whereas the slowdown already under way in the machinery, electrical, metals and chemicals industries has accelerated, the watch industry turned very abruptly from boom to bust. The food industry was the best in resisting negative business trends due to its primary focus on the domestic market, and its companies expect generally positive trends for the first quarter of 2009 as well.

    Similar trends in the services sector
    Starting with the fourth quarter of 2008, UBS has extended the coverage of its sector survey to large areas of the services industry. Although longer time periods are not yet available for these sectors and the indicators used are by nature somewhat different from those used in industry, the results nevertheless permit the conclusion that the business trend in the services industry has also deteriorated, albeit to a slightly lesser extent than for industrial companies. Many of these sectors benefit from the fact that they sell mainly to the so far robust domestic market. However, the majority of companies expect a further weakening in the first quarter of 2009.

  2. UBS consumption indicator recovers slightly

    The monthly UBS consumption indicator rose slightly in December from 0.96 to 1.15 and has thus halted the downtrend seen in recent months. However, the indicator remained below its long-term average of 1.50 for the third consecutive month.

    The UBS consumption indicator is calculated from five sub-indicators: new car sales, business activity in the retail sector; the number of domestic overnight visits in hotels by Swiss residents; the consumer sentiment index; and credit card transactions via UBS at points of sale in Switzerland. The modest recovery in December is attributable to the 5.8% year-on-year increase in the number of new passenger car registrations as well as the seasonal increase in domestic hotel visits by Swiss nationals. However, the deteriorating consumer confidence and the weaker business activity in the retail sector point to a deteriorating propensity to consume. Business activity fell below its long-term average for the first time since May 2006.

    At its current level, the UBS consumption indicator signals that Swiss consumer spending is continuing to increase. The prospects are, however, becoming increasingly gloomy. Due to the economic downturn, unemployment is set to rise in the coming months, which will have a negative effect on consumer spending. However, on a more positive note, falling inflation, especially with regard to energy sources, is likely to bolster purchasing power and hence consumer spending. Following an estimated 1.8% real increase in consumer spending last year, UBS forecasts a more modest increase of 0.5% for 2009.

  3. UBS Investment Bank Enters into Agreement with AIG to Acquire the Commodity Index Business of AIG Financial Products Corp

    The Equities business of UBS Investment Bank announced today that it has entered into a binding agreement to purchase the commodity index business of AIG Financial Products Corp, including AIG's rights to the DJ-AIG Commodity Index. This commodity index business is comprised of a product platform of commodity index swaps and funded notes based on the benchmark Dow Jones-AIG Commodity Index (DJ-AIGCI).

    The purchase price for the transaction is $15 million, payable upon closing, and additional payments of up to $135 million over the following 18 months based upon future earnings of the purchased business. The closing is subject to a number of regulatory and other conditions. No assurances can be given that any such conditions will be satisfied.

    The transaction is expected to close by May 2009.

December 2008

  1. UBS announces sale of its Canadian Energy and Global Agricultural Commodities businesses

    UBS is pleased to confirm that J.P. Morgan has agreed to buy the entire Canadian-based commodities energy business through a purchase of the shares in UBS Warburg Energy Holdings (Canada) Ltd., a wholly owned holding company. In addition, J.P. Morgan will also acquire UBS's Global Agricultural business. The transaction is expected to close during the first quarter 2009. Terms of the deal are not disclosed.

    This follows the announcement on 3 October this year that the Investment Bank would reprioritize its business portfolio to focus on its core strengths and client franchises in the Securities and Advisory businesses, while downsizing or exiting certain business activities. As part of this, the Investment Bank is exiting all of its Commodities businesses, with the exception of Precious Metals and the Index and Exchange-Traded Commodities activities.

    UBS is also in discussions with other third-parties with regards to the potential sale of other parts of its non-strategic Commodities businesses.

  2. UBS Global Asset Management appoints John Dugenske as Head of Fixed Income - US and Canada

    UBS Global Asset Management today announced the appointment of John Dugenske as Head of Fixed Income - US and Canada.

  3. UBS Hosts 36th Annual Global Media Conference Dec. 8-10 - "The Longest Running Show on Wall Street"

    UBS's 36th Annual Global Media Conference will feature presentations by senior management from more than 90 leading advertising, broadcasting, publishing, multi-channel television distribution, entertainment, telecommunication, video gaming and new media companies from around the globe. The preliminary list of presenting companies includes:

  4. UBS Wealth Management Research Study: "UBS global outlook" 2009

    The new UBS global outlook report for 2009 entitled, "Proceed with caution" identifies potential opportunities and pitfalls for investors as the global economy slips further into recession in 2009. The report looks beyond the present crisis of confidence among businesses, investors and consumers to forecast investment returns for all major asset classes and regions.

    A global recession
    According to Wealth Management Research, the US will experience its worst recession in more than 25 years. The impact on Europe is more varied, with the UK and Spain in the worst shape, and Switzerland and Germany better positioned to weather the downturn. Emerging market economies will likely slow markedly next year, but China, India, Brazil and Russia appear likely to avoid an outright recession. The authors forecast a recovery during the second half of 2009 and into 2010, but it will likely be a muted one by historical standards.

    Weigh improved valuation against recession risks
    Although the economic forecast for 2009 is bleak, UBS Wealth Management Research notes that financial markets have also priced in a lot of bad news. All major categories of risky assets, such as real estate, stocks, and commodities, posted sharp price declines in 2008. Given the general falloff, diversification benefits were limited for the year, although government bonds fulfilled their role as a buffer against recession risks in a portfolio context. UBS Wealth Management Research's asset allocation stance for 2009 reflects a more uncertain outlook and the belief that investors cannot simply pick up where they left off once the economy begins to recover. For 2009, the authors stress the importance of portfolio diversification, a defensive investment stance, and taking calculated risks as a means to achieve above-market performance.

    Corporate bonds appear attractive
    UBS Wealth Management Research expects corporate bonds to deliver some of the strongest returns in financial markets during 2009. Although corporate default rates are likely to increase significantly from their rather low levels, the research report concludes that yields for corporate bonds more than compensate for this risk. Consumer-related sectors appear most at risk. For instance, the US automotive sector has already borne the brunt of weaker discretionary spending and it still faces profound and unresolved structural problems. Instead, the research team favors bond sectors that are less exposed to the declining discretionary spending of consumers and the overall economic weakness, such as Utilities, Telecoms, and Consumer Staples.

    Retain a defensive stance toward equities
    The report's outlook for stocks is cautious, but it also notes the strong valuation signals in equity markets, especially in Europe. Along those lines, the report goes on to say that further weakness in equities cannot be ruled out, as the economic downturn will inevitably lead to a cyclical contraction in corporate earnings. UBS recommends that those investors who can tolerate volatility, and who have a long-term view, focus on equity sectors where the earnings contraction is likely to be less pronounced, such as Healthcare, Consumer Staples, and Telecoms.

    Emerging market assets appear vulnerable
    UBS Wealth Management Research expects economic activity in China, India, Brazil and other emerging markets to slow sharply next year. Therefore, the selloff in emerging market assets in 2008 could carry over into 2009. Within emerging market equities, the present valuation discount to global equities is not especially compelling, says the UBS report. Moreover, there is a considerable risk to future earnings. Within emerging market bonds, the report advises investors to avoid sub-investment-grade sovereign issuers and should instead diversify among the highest-rated investment-grade issuers.

    Reflation poses longer-term risks to government bonds
    Financial market performance during 2009 will likely depend heavily on the effectiveness of reflationary policies to mitigate the economic slowdown. Although a deep recession is usually good for government bonds, lending to states could look a lot less attractive as some countries balloon with debt. With short-term rates already very low in the US and Japan, fiscal policy will have to do more of the heavy lifting to stimulate growth. Therefore, UBS Wealth Management Research sees the greatest risk for bonds denominated in US dollars and Japanese yen.

    Looming US dollar weakness, euro strength
    Given its guarded fundamental outlook, UBS Wealth Management Research also warns against strong exposure to the US dollar after its recent significant appreciation. The research team also thinks the Japanese yen is set to weaken next year, too, when market sentiment improves and some degree of risk appetite returns. Moreover, the Japanese economic outlook is bleak and a strong yen only hurts the vital export sector. Concerning the Swiss franc, economic fundamentals are less weak than in the rest of Europe, Japan and the US. But the outlook for the financial industry, which represents roughly 15% of Switzerland's GDP, remains rather downbeat. This implies mixed performance from the franc during 2009, according to UBS Wealth Management Research.

    Opportunities await more evidence
    The report does not rule out the potential for aggressive fiscal and monetary policy actions to kick-start the economy, but warns that there is no certainty such efforts will have their desired effect in early 2009. Any normalization of money and credit markets would likely benefit higher risk assets, such as the financial sector, real estate investments, and energy commodities. At this stage, however, UBS Wealth Management Research recommends waiting for clear signs of improving macroeconomic conditions to emerge before building additional exposure in these assets.

    Contact:

    Walter Edelmann, Head Wealth Management Research Global Investment Strategy
    Tel: +41-44 235 63 81

  5. Improved credit markets will be key to the revival in Asian equity valuations, according to UBS Investment Research

    "After the worst year in forty for Asian equities, we expect 2009 to be a better year but GDP and profit growth will remain under pressure and both are likely to get worse before getting better. However, risk premia are already extremely high and, in terms of book value, Asian equity valuations are inexpensive, trading as they are close to book value," said Niall MACLEOD, Head of Asia Equity Strategy at UBS Investment Research.

    "In our view, the two key catalysts are for credit markets and the economy to stabilise. The best proxy for credit improvement is a narrowing in the credit spreads on long-dated paper, and equity markets can be expected to rally in line with any contraction. However, it is also important for the growth cycle to show some signs of hitting its bottom, which we expect some time in the first half. If the risk premium falls first, the growth story will follow. In the first instance, we expect Asian markets to be propelled by falling risk premiums. Only later do we expect the growth situation to stabilise and help lift equities with it."

    "A tough early-year earnings season and deteriorating fundamentals will characterise the early part of next year but as we move through the bottom of the cycle, Asia, with some exceptions, should come out of the current malaise in relatively good shape: low interest rates, high savings and inexpensive valuations. Several Asian countries, including China, are undertaking reflationary fiscal policies, while monetary policy in the region is likely to continue to be eased. Fundamentals for growth will probably look stronger in Asia than elsewhere in the world, although it is unlikely that the 'build and export' model will be a dynamo of growth. As a net importer and user of commodities, Asian margins should be underpinned to some extent as input prices moderate," said MacLeod.

    The report recommends that investor focus should be on playing interest-rate sensitivity over cyclicality in the near term although it remains flexible to turning more pro-cyclical as the de-stocking phase in Asian economies recedes.

    "We expect a fall in both policy and market rates as a more likely short-term scenario than a sudden rebound in the global economic cycle. And while we are less concerned now than previously about currency crises in the region, we nevertheless, recommend a focus on countries closer to domestic monetary and fiscal reflation, such as China, rather than those where the credit cycle is still early in the slowdown mode such as India. Our preferences are for China, Hong Kong and Singapore. We are underweight Taiwan, Malaysia and India," he added.

    UBS believes the prospect of a hard landing for earnings in Hong Kong and China, combined with an elevated cost of capital, will result in a see-saw performance for the Hang Seng for Hong Kong and China over the next 12 months although there is also upside potential on the basis of modest PE expansion as earnings downgrades runs their course.

    "In China, a sharp deceleration in nominal GDP growth and over-representation by banks, commodities and real estate in index earnings points to a significant earnings recession. Upside and downside surprises will mainly revolve around the efficacy, timing and magnitude of China's reflation measures," according to Grant CHUM, Head of China Research.

November 2008

  1. UBS AG Extraordinary General Meeting

    98.53% of voting UBS shareholders approved today the creation of conditional share capital for the issuance of mandatory convertible notes in the amount of CHF 6 billion to the Swiss Confederation.

    2,395 shareholders attended the Extraordinary General Meeting in Lucerne, representing 993,568,667 votes.

  2. UBS Global Technology & Services Conference Opens in New York

    The UBS Annual Global Technology & Services Conference opens today at the Grand Hyatt in New York City and runs through Thursday, November 20. The conference will feature presentations by CEOs and other senior executives from more than 160 global technology and services firms to provide insight into the industry.

  3. New UBS compensation model

  4. UBS Extends Acceptance Period for Auction Rate Securities Rights Offer Until December 19, 2008

    To provide additional time for clients to respond, UBS has extended the acceptance period for its Auction Rate Securities (ARS) Rights Offer until 5:00 p.m., Eastern time, on December 19, 2008, unless extended further. More than 94% of the market value of ARS Rights Series A, 96% of Series B, 90% of Series C and 97% of Series G have been accepted by clients since the offer period began on October 7, 2008.

  5. Statement On Indictment Of UBS Executive

    UBS confirmed today that Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking and a member of the Group Executive Board, has been indicted by a Federal grand jury sitting in the Southern District of Florida in connection with the ongoing investigation of UBS's US cross-border business by the United States Department of Justice. Raoul Weil was previously head of UBS Wealth Management International from 2002 to 2007.

    Mr. Weil has determined that, in the interest of the firm and its clients, and in order to defend himself, he will relinquish his duties at this time pending the resolution of this matter. On an interim basis, Marten Hoekstra, currently Deputy CEO of Global Wealth Management & Business Banking and Head of Wealth Management US, will assume Mr. Weil's duties.

    As announced on July 17, 2008, UBS will cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units. UBS is fully committed to continuing its efforts to cooperate with the investigation of its US cross-border business and to working in a responsible manner with all relevant authorities towards a satisfactory resolution of this matter.