ZURICH (AFX) - UBS AG will step up its acquisition activities while also accelerating its organic growth, deputy group chief executive Marcel Rohner told Sonntagszeitung newspaper.
Increased acquisitions will not come at the expense of organic growth, he said.
Given rising uncertainty amid markets, smaller asset managers will become increasingly willing to sell their businesses, and UBS would be seen as a favourite buyer, he said.
We can pay higher prices because most of the acquired advisors and clients stay at UBS.
Since 2000, the group has bought out banks managing assets worth over 400 bln sfr, the paper said.
Since April, the group spent some 4.2 bln sfr buying ABN Amros global futures and options business, Brasilian investment bank Banco Pactual SA and the private client branch network of Piper Jaffray. afxzurich@afxnews.com ckj/vs/vs COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited