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UBS Americas Highlights
Despite a difficult market in the U.S., for the seventh consecutive quarter, UBS PaineWebber continued to show positive net new money growth. In the quarter the firm added CHF 1.4 billion ($0.95 billion), excluding dividends and interest of CHF 4.4 billion ($3.0 billion).
Operating income was CHF 1,426 million ($964 million) in the second quarter 2002, 11% below the first quarter. Excluding adverse currency effects, operating income declined 3% from the first quarter 2002, mainly due to lower levels of retail investor activity.
Excluding acquisition costs and before tax, UBS PaineWebber posted an operating profit of CHF 165 million ($111 million). Excluding the effects of currency fluctuations, performance before tax and acquisition costs increased 10% from the first quarter of 2002.
Recurring fees were CHF 540 million ($365 million) during the second quarter of 2002 compared to CHF 596 million ($403 million) during the first quarter of 2002. The decline was mostly driven by the effects of currency fluctuations. Excluding the adverse currency effect, recurring fees were down 1% from first quarter 2002.
The Municipal Securities group recorded its best quarter and first half ever. In the quarter, the group's market share grew to 17.3% compared to 16.2% in the first quarter of 2002.
The January launch of the Premier Credit Line loan product resulted in new loans totaling CHF 888 million ($600 million) as of June 30, 2002, which represents more than four times the loan volume generated during the same period of 2001.
Equity syndicate volume for the second quarter 2002 derived from transactions on which UBS Warburg had a lead or co-position was CHF 1,388 million ($938 million), a 15 percent increase from last quarter.
Investment banking increased its U.S. market share to 3.7 percent in the first half of 2002 versus from 3.4 percent for the first half of 2001.
Among major deals in the U.S. during the second quarter, UBS Warburg was advisor to Univision on its $3.5 billion acquisition of Hispanic Broadcasting.
UBS Warburg finished first in The Wall Street Journal's "Best of the Street" annual ranking of stock analysts.
UBS Warburg was the top-ranked underwriter in the surging market for U.S. mortgage-backed securities in the first six months of this year, up from third for the same period last year.
UBS Warburg ranked sixth in the U.S. in M&A transactions for the first six months of 2002.
The Financial Sponsors group finished the quarter ranked first in completed transactions, up from 12th place a year ago.
UBS Global Asset Management
UBS Global Asset Management's managed account offering for high net worth individuals in the U.S., Private Wealth Solutions (PWS), has attracted more than 525 accounts with approximately CHF 342 million ($231 million) of assets under management since the beginning of the year. During the second quarter, two new Multi Asset Portfolios (MAPs) were launched. MAPs, which make up 69% of the new PWS accounts, provide investors with a variety of investment styles and exposures through a single portfolio.