Is UBS (NYSE:UBS) selling its wealth management business?
Reuters is reporting that the change of management over at UBS' wealth management business could mean that it's up for sale, again. UBS had considered a sale of
the former PaineWebber among various possible business options, but
it did apparently drop the idea because valuations from potential buyers were too low.
"We believe that they are trying to sell it. Maybe they need a new man to do it," said Helvea analyst Peter Thorne, according to the report.
Robert McCann, formerly head of brokerage at Merrill Lynch & Co., is expected to start
leading the division at the end of the month and
lure in several brokers from Merrill Lynch. Could that make the business more attractive to bidders? It might. UBS has been losing more and more brokers. The division lost about 90 brokers in September and lost many more to
layoffs - Maria Woehr
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