MutualFundWire.com: The Price is Not Yet Right for a Paine Webber Sale, Says UBS' Grubel

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Tuesday, September 29, 2009

The Price is Not Yet Right for a Paine Webber Sale, Says UBS' Grubel

UBS is hearing offers for Paine Webber, The Financial Times reported Tuesday. If the wirehouse, a giant mutual fund distribution outlet, ends up selling, it would be the fifth and final wirehouse to change hands or merge since December 31.

Oswald Grubel
UBS
CEO

UBS chief executive Oswald Grübel told the FT that Paine Webber is not a critical component of the Swiss Bank, but he implied that a sale would have to wait for higher offers.

“We've had a lot of inquiries from potential buyers,” he said. “But it wouldn't make sense to sell at current valuations."

In February, The MFWire reported that UBS and Wachovia, owned by Wells Fargo, were considering combining their U.S. wirehouses. And in June 2008, Reuters speculated on the possible sale of Paine Webber. Apparently, no deal ever reached the light of day, though.

UBS bought Paine Webber in 2000 for about $10 billion.

Printed from: MFWire.com/story.asp?s=22778

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