A top UBS executive insists that the unit which includes the Swiss bank's mutual fund arm is not on the block.

John Fraser UBS Global Asset Management chairman and CEO

"The business is not for sale," John Fraser, chairman and CEO of UBS Global Asset Management, told the Financial Times.

"There have been rumours in the market for sometime and this puts them to rest," added UBS spokesman Kris Kagel in an emailed statement to The MFWire. "On Nov 3 UBS will be publishing its 3Q09 results and at that time we will be able to say more about the growth and strength of the business."

The FT's Kate Burgess and Megan Murphy note that UBS and BlackRock (the soon-to-be purchaser of Barclays Global Investors) discussed such a possible sale last year, but they report that the deal fell apart because UBS wanted an all-cash deal. According to the FT, last year also saw UBS and Credit Suisse discuss merging their asset management units. 

Edited by: Neil Anderson, Managing Editor


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