Latest media releases
UBS Investment Bank To Exit Institutional Municipal Securities Business
UBS Wealth Management Americas Continues To Offer Municipal Securities Products To Clients.UBS announced today that it will close its Investment Bank's institutional municipal securities business through an orderly wind-down. UBS Wealth Management Americas will continue to be a leading provider of municipal securities products to private clients by assuming responsibility for secondary trading efforts, introducing an open architecture platform for new issues and expanding its municipal research team.
As previously announced, the exit of the institutional municipal securities business is part of UBS's ongoing efforts to reposition its Fixed Income, Currencies and Commodities (FICC) business to focus on core business areas. UBS explored a number of alternatives to exit the institutional municipals business and determined that because of the complexities of selling the business in the current market and limited market capacity for a business of this size, a sale of the business was unlikely in the near term.
Following the exit of the institutional municipals business, UBS will no longer offer underwriting and structuring services to municipal clients. The firm's municipal securities secondary market trading business will be transferred from UBS Investment Bank into UBS Wealth Management Americas in order to facilitate the trading of municipal securities for private clients.
"Municipal securities are an important part of many of our clients' portfolios," said Jim Hausmann, Head of Transaction Products, UBS Wealth Management Americas. "With this integration, our clients will benefit from an increased number of people dedicated specifically to their municipal securities needs. Through an open architecture platform, our clients will have access to a broad of supply of both new issues and secondary securities."
UBS will begin to work with its municipal clients to transfer their business in an orderly fashion and expects to complete the exit from the institutional municipals business over the next few months.
UBS is one of the world's leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.
UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. 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 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 16% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
Rohini Pragasam Tel: +1-212-882-5690
Doug Morris Tel: +1-212-882-5694
Karina Byrne Tel: +1-212-882-5692
New York, June 5, 2008