UBS Global Asset Management
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UBS Global Asset Management was the multinational investment unit of UBS AG, a very large multinational financial firm formed in 1998 from the merger of Union Bank of Switzerland and the Swiss Bank Corporation.
On September 5, 2005 UBS agreed to sell its Private Banks & GAM unit to Julius Baer Group for an implied value of CHF 5.6 billion consisting of CHF 3.8 billion in cash and cash equivalents as well as a 21.5% stake in the enlarged Julius Baer. The stake has an implied value of CHF 1.8 billion. The unit comprises the three private banks, Banco di Lugano, Ehinger & Armand von Ernst and Ferrier Lullin as well as specialist asset manager GAM¹.
¹GAM should not be confused with UBS's "Global Asset Management" Business Group, which is not involved in the present transaction.
