He is a member of famous with the age 51 years old group. We recommend you to check the complete list of Famous People born on 22 November. Learn How rich is He in this year and how He spends money? Also learn how He earned most of networth at the age of 51 years old? Popular As Discover Paul Guenther's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. If the deal is completed, PaineWebber will continue to operate under its current brand name, UBS said.Paul Guenther was born on 22 November, 1971 in Richboro, PA. UBS said that General Electric and Yasuda Mutual Life, who together account for about 30 percent of PaineWebber's issued share capital, support the merger and have agreed to vote in favour of the deal. UBS also reported on Wednesday that second-quarter net profit more than doubled from the year-earlier period to 2.16 billion Swiss francs but slipped from first-quarter levels as asset growth and private banking disappointed. The acquisition of PaineWebber could also provide a shot in the arm to UBS's private banking business. It is expected to close in November, UBS said. The deal, expected to generate annual pre-tax synergies of $425 million by 2002, is still subject to shareholder and regulatory approval. The transaction should boost UBS's cash earnings per share from 2001, UBS said. broker, has more than 8,000 brokers and client assets of over $475 billion.Īfter the merger, around half of the group's private client assets will come from wealthy and affluent U.S. The firm, classed as the fourth-largest U.S. The move is expected to expand UBS's reach to higher-net worth retail investors who are PainWebber's mainstay. While Bieri believes PaineWebber lacks profile in terms of research, it offers strong distribution capability. PaineWebber, which last quarter posted the best operating results in its 120-year history, has long been described as an attractive takeover target because of its large brokerage sales force and upscale client base. Traditionally it was usually the case that "in the U.S., the investment banks are regarded the brains, and the brokers are the muscle," he said.įirms combining operations "have been pretty successful," he said, citing Morgan Stanely Dean Witter as an example. On the whole, he saw it as a good combination. Its assets under management totaled 1.767 trillion Swiss francs ($1.085 trillion) at the end of the first quarter.Īnalyst Christoph Bieri at Banca del Gottardo said the move "makes sense, because UBS has really one of the best global reseraches, and too little distribution power."įor brokers like PaineWebber, which face increasinpressure from competition from e-services, the move also makes sense, Bieri said. UBS, based in Basel and Zurich, is one of the world's largest managers of private and institutional money, but its strengths in private wealth management are centered in Europe. Leonard said the valuation of managed and administered assets "also appears in line." John Leonard, European bank analyst at Schroder Salomon Smith Barney, said that based on his firm's calculations, the move made sense, and was in keeping "with the integrated global securities firm approach." It said it would fund part of the cash offer by issuing $1.5 billion in UBS preference shares. It reported at end-March it had 36.27 million Treasury shares, worth around 9.6 billion Swiss francs ($5.90 billion). UBS has plenty of acquisition currency for such a deal. acquisitions by allowing it to use own shares as a currency. It said at the time the listing would aid in U.S. UBS recently listed its shares on the New York Stock Exchange.
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