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Report: UBS Hires Lazard
Swiss bank may wish to separate wealth management and investment banking business lines.
June 25, 2008
UBS may have hired Lazard to sell all or part of its assets, according to news reports. While Lazard's retention remains speculation at this point, UBS did announce two divestitures that might signal an interest in paring down its sprawling business.
The New York Post reported this morning that the Swiss bank hired Lazard to perform a strategic review of its businesses. The Post's sources said UBS might want to separate its wealth management and investment banking divisions, or is simply undertaking an annual overview of its operations. The Post also relayed speculation that HSBC could be interested in buying UBS.
Lazard spokespeople were not immediately available for comment, and a UBS spokeswoman said the firm is not commenting on the matter.
Meanwhile, UBS publicized an agreement to acquire a $6.2 billion-under-management Dutch private bank, VermogensGroep, to build up its wealth management division. Deal terms were not released.
The Swiss bank is also pursuing a divestiture, agreeing to sell a trust and investment management subsidiary, Fiduciary Trust Co., to Wilmington Trust Corp.
In other developments at the bank, UBS is relocating six investment bankers from London to Dubai and hired Matt Roux from Deutsche Bank as co-head of US securities lending in its prime brokerage unit.
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