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UBS to Sponsor New Academy in Hackney

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UBS is the First Financial Services Company Sponsor

UBS, one of the world's leading financial services companies, today announced that it has submitted a formal Expression of Interest to the Department for Education and Skills to sponsor a new Academy in the London Borough of Hackney. The school will be built on the former site of Laburnum School. UBS will play a significant role in the development of the proposed Academy, which will specialise in the areas of music and mathematics, unique for an Academy. The Academy sponsorship by UBS is also the first by a financial services company.

UBS has a strong commitment to corporate responsibility and operates Community Affairs initiatives worldwide. Through its well-established and long-standing Community Affairs programme, UBS has worked for many years to help to raise educational standards in London's East End and to assist in the area's regeneration, always in partnership with local stakeholders and an emphasis on employee involvement. The Academy will be an exciting and considerable extension of these existing community projects.

The UBS sponsorship of the Academy will involve each of its business groups in London: UBS Investment Bank, UBS Wealth Management and UBS Global Asset Management.

Richard Hardie, a Managing Director of UBS, commented:
"As a major employer, UBS understands that a well-educated workforce is critically important for a successful economy. We believe that Academies will give a huge boost to the development of young people in inner city areas and will provide a focus of excellence and life-time learning in their communities."

The Secretary of State for Education and Skills, the Rt Hon. Charles Clarke, commented:
"Our commitment is to take whatever steps are necessary to raise standards and to achieve an education system that is not merely good, but world class. The involvement of a world-class financial institution like UBS is a first for the Academies programme. I am confident that the UBS Academy will help us to achieve educational excellence for very many Hackney children."

Mr Clarke will be attending the formal launch of UBS's proposals on 15th June at LSO St Luke's, Old Street, the newly renovated UBS and LSO Music Education Centre.

UBS is one of the world's leading financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change.

UBS is the world's largest wealth manager, a premier 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, headquartered in Zurich and Basel, employs almost 66,000 people, and has operations in over 50 countries and in all major financial centres.

London, 2 February 2004


David Walker

+44 20 7568 2439

Sarah Small

+44 20 7568 2609