UBS moving toward split, says fund manager


"Forget what UBS is saying and look at what it's doing," says activist fund manager Eric Knight, believing it to be just a matter of time before the bank spins off its wealth management business.

Knight notes UBS's plan for a new corporate structure effectively creates a "good" bank for the wealth unit and a "bad" bank with investment banking and other non-core assets. While initially sold as an internal process, UBS has now announced an exchange offer under which it will swap shares into a new group holding company.

The move means the businesses could be more easily separated if one ran into trouble.

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