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UBS Americas Highlights

Media Releases Americas

UBS PaineWebber

  • 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.

UBS Warburg

  • 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.