Swiss Bank Strengthens its Position as World's Largest Asset Manager

Posted by accountingweb on Sep 15 1999 189 printer friendly

Union Bank of Switzerland (UBS) has made a move to strengthen its position as the world's largest asset manager by agreeing to acquire independent money manager Global Asset Management (GAM).

Reports indicate USB will purchase GAM for as much as $675 million. The actual purchase price will most likely vary between $575 million and $675 million depending on the value of assets in GAM's portfolio when the deal is completed.

UBS, formed last year through the merger of Union Bank of Switzerland and Swiss Bank Corporation, is Europe's second-largest bank. Deutsche Bank is Europe's largest banking institution.

GAM will operate under its own name within UBS's Private Banking Division and will continue utilizing the investment style and multi-manager selection process that gave the institution its position of respect in the market.

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