UBS Financial Services

Formerly known as UBS PaineWebber, UBS Financial Services is the result of the 2000 merger of Swiss banking colossus UBS and venerable brokerage PaineWebber. UBS later dropped PaineWebber from its name to present a single UBS corporate identity. The operating unit of UBS’s Global Wealth Management segment in the US, the company offers financial planning and investment products to individuals, while providing such services as employee stock benefit and deferred compensation plans to corporations. UBS Financial Services also provides access to the brokerage, investment banking, and asset management capabilities offered by other UBS units.

UBS to merge with PaineWebber was the top head-line for UBS in the year 2000. It was announced on July 12 and approved by an Extraordinary General Meeting of Shareholders of UBS on September 7 as well as a meeting of the shareholders of PaineWebber on October 23. On November 3, the merger was completed. The total cost of the transaction was 11. 8 billion USD. At that time, PaineWebber is the fourth largest private client firm in the US with 8554 brokers in 385 offices. PainWebber Overview Started by William A. Paine and Wallace G. Webber in 1880, PWJ;C’s activities expanded rapidly.

From 23 branch offices at the time of the merger, the firm grew to 30 offices in 1955 and to 45 offices ten years later. In 1963 PWJ&C’s head office moved from Boston to New York. Subsequent changes, mergers and acquisitions furnished the firm with a presence in fixed-income instruments (F. S. Smithers ; Co, 1973), a closed-end investment company (Abacus Fund, 1972), and an investment research and advisory function (Mitchell Hutchins, 1977). With the Abacus acquisition, the firm went public and two years later decided to form Paine Webber Inc as a holding company with PWJ;C as the core subsidiary.

By 1980 PWJ;C’s spread extended to 161 branch offices in 42 US states with six offices in Europe and Asia. PW had established a presence throughout America and its popular advertising slogan “Thank You, Paine Webber” made it well known beyond its substantial client base. A visible symbol of PW’s expansionary course followed in 1985 with the move from 140 Broadway to 1285 Avenue of the Americas. PW’s course of expansion was to continue into the year that it eventually merged with UBS.

Only months before UBS made its offer in July 2000, PW acquired J. C. Bradford & Co., a smaller brokerage firm. In 1879, PW had started with two partners and two employees. Today, over 19,000 employees, including 8,600 financial advisers, at Wealth Management USA look after the interests of UBS clients. UBS AG is one of the world’s leading financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change. UBS is the world’s largest wealth manager, premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.

The Group’s principal activity is the provision of a range of global banking services. The Group operates through the following divisions: Wealth Management ; Business Banking (private and corporate clients and Swiss private banking services focusing on consumer banking products, lending for Swiss corporations, portfolio management and trust services for private banking clients); Warburg (investment banking and securities businesses, e. g. corporate finance, equities, fixed income and treasury products, private equity); PaineWebber (financial services in the USA); Global Asset Management (all group investment management businesses, e.

g. mutual funds, global asset management, institutional asset management) and Corporate Center (co-ordination of segments, risk management, financial reports, marketing, communication, etc. ). Key Numbers Key financials for UBS Financial Services Inc. Company Type Subsidiary of UBS Fiscal Year-End December 2004 Sales (mil. ) $4,499. 7 1-Year Sales Growth 7. 9% References: “UBS company profile” retrieved on December 4, 2006 from http://www. ubs. com/1/e/about/ourprofile. html “PaineWebber company profile and history” retrieved on December 4, 2006 from http://www. ubs. com/1/e/about/history. html