A European, multinational financial services may be on the hunt for asset managers on both sides of the pond.
| Ulrich Koerner|
UBS Group AG
President of Asset Management, and President of UBS Europe, Middle East, and Africa
Management at Swiss bank UBS
] is considering acquisitions or joint-ventures in the U.S. retail or specialty asset management businesses, Bloomberg reports,
citing unnamed sources. Those sources describes such M&A possibilities as a way for UBS to boost the scale of its 3,600-employee
, $800-billion-AUM asset management arm, though they don't expect it to buy, in Bloomberg's
words, "any single very large acquisition."
UBS already has asset management business operations, with a notable presence in Chicago. And it also has a U.S. wealth management business, one of the industry's four wirehouses.
, president of UBS' asset management arm worldwide, reportedly hinted last week (at UBS' investor day in London) that UBS might be able look at M&A again now. At that event, he described asset managers with between 50 billion Swiss francs ($49.85 billion) and 500 billion Swiss Francs ($498.5 billion) in AUM as being likely targets for acquirers.
Neil Anderson, Managing Editor
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