125-662: S. G. Warburg & Co. was a London-based investment bank. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index . The firm was acquired by the Swiss Bank Corporation in 1995 and ultimately became a part of UBS . This bank was founded in 1946 by Siegmund Warburg and Henry Grunfeld . Siegmund was a member of the Warburg family , a prominent German- Jewish banking family. Henry Grunfeld
250-408: A V-2 rocket . Nonetheless, trading continued in the house's basement. After decades of uncertain if not turbulent times, stock market business boomed in the late 1950s. This spurred multiple officials to find new, more suitable accommodation. The work on the new Stock Exchange Tower began in 1967. The Exchange's new 321 feet (98 metres) high building had 26 storeys with council and administration at
375-580: A board of directors drawn from the Exchange's executive, customer, and user base; and the trading name became "The London Stock Exchange". The FTSE 100 Index (pronounced "Footsie 100") was launched by a partnership of the Financial Times and the Stock Exchange on 3 January 1984. This turned out to be one of the most useful indices of all, and tracked the movements of the 100 leading companies listed on
500-521: A 1% decrease in AUM compared to the equivalent data of 2014. As of 2018, UBS manages the largest amount of private wealth in the world, counting approximately half of The World's Billionaires among its clients. More than 60% of total invested assets in UBS Wealth Management belong to individuals with a net worth of CHF 10 million or more. Of the remaining 40% of total invested assets, 30% of
625-446: A 1929 peak of CHF 1.6 billion to its 1918 levels of CHF 1 billion by 1936. In 1937, SBC adopted its three-keys logo , designed by Warja Honegger-Lavater , symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS. On the eve of World War II in 1939, SBC, like other Swiss banks, was the recipient of large influxes of foreign funds for safekeeping. Just prior to
750-460: A 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks. UBS traces its history to 1862, the year when Bank in Winterthur , forerunner of Union Bank of Switzerland , was founded. When Union Bank and SBC merged, officials originally wanted to name the merged company the "United Bank of Switzerland," but opted to call it simply UBS because of
875-445: A Warburg expansion into the U.S. had turned out flawed and costly, and talks in 1994 with Morgan Stanley about a merger had collapsed. SBC merged the firm with its own existing investment banking unit to create SBC Warburg. Two years later, in 1997, SBC paid US$ 600 million (~$ 1.06 billion in 2023) to acquire Dillon, Read & Co. , a U.S. bulge bracket investment bank. Dillon, Read & Co., which traced its roots to
1000-462: A broad range of securities and savings products that are supported by the firm's underwriting and research activities as well as clients' orders management and execution and also clearing services for transactions originated by individual investors. The business is further divided geographically with separate businesses focused on the U.S. and other international markets. Two-thirds of the total invested assets come from Europe and Switzerland, with
1125-859: A central building block of UBS's universal bank delivery model in Switzerland and it supports other divisions, such as Investment Bank, by referring clients to them and by assisting them to build their wealth to a level at which they can be transferred to UBS Wealth Management. The retail and corporate distribution network comprises not only 279 branches in Switzerland, but 1,250 teller machines and self-service terminals, as well as digital banking services, serving 2.5 million personal banking clients. UBS Asset Management offers equity, fixed income , currency , hedge fund , global real estate , infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies. The 1998 UBS-SBC merger and subsequent restructuring resulted in
1250-572: A clause preventing "unchartered" companies from forming. After the Seven Years' War (1756–1763), trade at Jonathan's Coffee House boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and more formal "Stock Exchange" in Sweeting's Alley. This now had a set entrance fee, by which traders could enter the stock room and trade securities. It was, however, not an exclusive location for trading, as trading also occurred in
1375-399: A company name, UBS is no longer considered an acronym. In fact, that was one of the more than 370 financial firms that have, since 1862, become part of today's UBS. During the 2007–2008 financial crisis , UBS managed heavy losses with an asset relief recovery programme. In 2011, the company was hit by the 2011 rogue trader scandal resulting in a US$ 2 billion trading loss. In 2012,
SECTION 10
#17329085886041500-405: A consortium of City of London bankers led by Morgan Grenfell . This battle is now remembered as the "Aluminium War" and started a shift away from relational banking towards competitive banking. The bank gained clients and grew rapidly in the 1960s and 1970s. In the early 1970s, S. G. Warburg entered into a U.S. joint venture with Paris-based Paribas (Banque de Paris et des Pays-Bas, prior to
1625-548: A former bond trader and co-head of Fixed income at Credit Suisse First Boston and head of Fixed Income Trading at Union Bank of Switzerland in 1998, was appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2001. In an attempt to break into the elite bulge bracket of investment banks, in which UBS then had little success while rival Credit Suisse
1750-497: A major coup for Costas. Moelis joined UBS from Donaldson Lufkin & Jenrette in 2001 shortly after its acquisition by Credit Suisse First Boston (although Huw Jenkins claimed he had hired Moelis to the UK Parliamentary Banking commission while under oath, which is patently false). In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited, along with Costas, with
1875-408: A major restructuring of the bank's operations. Looking to take advantage of the situation, Credit Suisse approached Union Bank of Switzerland about a merger that would have created the second largest bank in the world in 1996. Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger. Ebner, who supported the idea of a merger, led a shareholder revolt that resulted in
2000-570: A name clash with the separate Swiss company United Bank Switzerland – a part of the United Bank Limited 's Swiss subsidiary. Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion. UBS' earliest corporate ancestor was formed in 1854, when six private banking firms in Basel , Switzerland pooled their resources to form
2125-403: A regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without a licence. It also set a fixed number of brokers (at 100), but this was later increased as the size of the trade grew. This limit led to several problems, one of which
2250-417: A result of the bank's policy of requiring death certificates from family members to claim the contents of the account. UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S. UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank. Shortly after
2375-477: A thousand members quit the Exchange between 1914 and 1918. When peace returned in November 1918, the mood on the trading floor was generally cowed. In 1923, the Exchange received its own coat of arms , with the motto Dictum Meum Pactum , My Word is My Bond. In 1937, officials at the Exchange used their experiences from World War I to draw up plans for how to handle a new war. The main concerns included air raids and
2500-639: A track record of 20 consecutive quarters of rising profits. In 2006, UBS set up a joint venture in China (see UBS Securities, China branch ). However, by the end of 2006, UBS began to experience changing fortunes. In late 2005, Costas headed a new hedge fund unit within UBS known as Dillon Read Capital Management . His former position was taken over by Huw Jenkins , a long-time legacy UBS investment banker. In 2006, UBS bankers Blair Effron and Michael Martin announced their departures. In March 2007, Moelis announced that he
2625-544: Is classified as a Multilateral Trading Facility (MTF) under the 2004 MiFID directive, and as such it is a flexible market with a simpler admission process for companies wanting to be publicly listed. The securities available for trading on LSE: Through the Exchange's Italian arm, Borsa Italiana , the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli.
SECTION 20
#17329085886042750-419: Is considered one of the "biggest, most powerful financial institutions in the world". The company's capital strength, security protocols, and reputation for discretion have yielded a substantial market share in banking and a high level of brand loyalty . Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing . UBS is a primary dealer and Forex counterparty of
2875-665: Is the Groups Central Counterparty and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli is the pre-settlement, settlement, custody and asset services provider of the Group. Monte Titoli operates both on-exchange and OTC trades with over 400 banks and brokers. The LSE's trading platform is its own Linux -based edition named Millennium Exchange . Their previous trading platform TradElect
3000-457: Is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009. Overall invested assets are $ 3.101 billion, shareholders' equity is $ 52.928 billion and market capitalization is $ 45.907 billion by the end of 2018. In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company at
3125-519: The American Civil War when cotton prices rose dramatically. The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million, and specialized as a savings and mortgage bank for individual customers, maintaining a branch office network in eastern Switzerland. The new company was initially traded under the English name Swiss Banking Association , but in 1921 it
3250-535: The Americas consists of U.S. and Canadian wealth management businesses, as well as international business booked in the U.S. UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business. The business was initially renamed UBS Paine Webber in March 2001, after it was acquired by UBS. The division offers wealth management advice for ultra-high net worth and high net worth clients. UBS
3375-574: The Antwerp Bourse . It was opened by Elizabeth I of England in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their perceived rude manners. They had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House . At that coffee house, a broker named John Castaing started listing the prices of a few commodities including salt, coal, paper, and exchange rates in 1698. Originally, this
3500-810: The Bankverein , a consortium that acted as an underwriting syndicate for its member banks. In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein , a joint-stock company replacing the original Bankverein consortium. After the new bank started with an initial commitment of CHF 30 million and CHF 6 million of share capital, it soon experienced growing pains when heavy losses in Germany caused it to suspend its dividend until 1879. Following
3625-523: The Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland, but became insolvent by the end of the war. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. SBC, which had entered the 1950s with 31 branch offices in Switzerland and three abroad, more than doubled its assets from the end of the war to CHF 4 billion by
3750-485: The Bulge Bracket , particularly Goldman Sachs , JPMorgan Chase , and Bank of America . The American division also offers its own credit card not sponsored by another bank unlike many of its competitors. On a global scale, UBS competes with the largest global investment banks , particularly within the Bulge Bracket . and until acquiring Credit Suisse in 2023 was regularly compared against it. According to
3875-640: The Northern Trust Corporation , an American international financial services company, announced an agreement for the acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland . This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in
S. G. Warburg & Co. - Misplaced Pages Continue
4000-653: The Swiss Bank Corporation (SBC) to cater to the increasing credit needs of Swiss railroad and manufacturing companies. It formed a private banking syndicate that expanded, aided by Switzerland's international neutrality . In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Following decades of market competition between Union Bank of Switzerland and
4125-641: The Wall Street of Switzerland. By 1923, offices were established throughout Switzerland. Although the bank suffered in the aftermath of World War I and the Great Depression , it was able to make several smaller acquisitions ; in 1937 it established Intrag AG, an asset management business responsible for investment trusts , (i.e. mutual funds ). The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after
4250-621: The largest private bank in the world. UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of banking secrecy . Because of the bank's large positions in the Americas , EMEA and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank . Apart from private banking, UBS provides wealth management , asset management and investment banking services for private, corporate and institutional clients with international service. UBS manages
4375-625: The private placement of equity , debt , and derivatives . The Sales & Trading division comprises equities ( brokering , dealing , market making and engaging in proprietary trading in equities , equity-related products, equity derivatives , and structured products ) and FX, Rates and Credit (FRC) ( brokering , dealing , market making and engaging in proprietary trading in interest rate products, credit products, mortgage-backed securities , leveraged loans , investment grade and high-yield debt , currencies , structured products , and derivative products ). Following an expansion in 2002,
4500-401: The "Spanish panic" hit the markets, followed by a second one two years later. By June 1853, both participating members and brokers were taking up so much space that the Exchange was now uncomfortably crowded, and continual expansion plans were taking place. Having already been extended west, east, and northwards, it was then decided the Exchange needed an entire new establishment. Thomas Allason
4625-498: The 1830s, was among the powerhouse firms on Wall Street in the 1920s and 1930s, and by the 1990s had a particularly strong mergers and acquisitions advisory group. Dillon Read had been in negotiations to sell itself to ING , which owned 25% of the firm already, but Dillon Read partners balked at ING 's integration plans. After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read. Following SBC's later merger with Union Bank of Switzerland ,
4750-409: The 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares. According to a 2020 Financial Conduct Authority report, approximately 15% of British adults reported having investments in stocks and shares. The Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of
4875-1015: The Americas, 30% in Switzerland, 19% in Europe (excluding Switzerland), the Middle East and Africa and 21% in the Asia Pacific region. The bank has its major presence in the United States . Its American headquarters for investment banking are located in New York City , for private wealth management advisory in Weehawken, New Jersey . They have sales & trading and private wealth management offices in Stamford, Connecticut . The company's global business groups are global wealth management , investment bank , asset management and personal & corporate banking. UBS
5000-723: The Electronic Trading Service (SETS) was launched, bringing greater speed and efficiency to the market. Next, the CREST settlement service was launched. In 2000, the LSE's shareholders voted to become a public limited company, London Stock Exchange plc. The LSE also transferred its role as the United Kingdom's listing authority to the Financial Services Authority . EDX London , an international equity derivatives business,
5125-450: The Exchange was progressively becoming an accepted part of the financial life in the city. In spite of continuous criticism from newspapers and the public, the government used the Exchange's organised market (and would most likely not have managed without it) to raise the enormous amount of money required for the wars against Napoleon. After the war and facing a booming world economy, foreign lending to countries such as Brazil, Peru and Chile
S. G. Warburg & Co. - Misplaced Pages Continue
5250-575: The Exchange. On 20 July 1990, a bomb planted by the Provisional Irish Republican Army (IRA) exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured. About 30 minutes before the blast at 8:49 a.m., a man who said he was a member of the IRA told Reuters that a bomb had been placed at the exchange and was about to explode. Police officials said that if there had been no warning,
5375-774: The Group and revenue opportunities for businesses within the bank. UBS maintains a leading position in the retail and corporate loan market in Switzerland; in fact, it serves one in three pension funds , more than 85% of the 1,000 largest Swiss corporations and 85% of banks that resides within the nation. In 2015, 2017 and 2018, the international financial magazine Euromoney named UBS "Best Domestic Cash Manager Switzerland". As of 31 December 2018, its lending portfolio reached US$ 131 billion (~$ 157 billion in 2023). The products that this UBS division offers range from cash accounts , payments, savings and retirement plans to investment fund products, residential mortgages and advisory services. This business division constitutes
5500-508: The LSE merged with Borsa Italiana , creating London Stock Exchange Group (LSEG). The Group's headquarters are in Paternoster Square . Paternoster Square was the initial target for the protesters of Occupy London on 15 October 2011. Attempts to occupy the square were thwarted by police. Police sealed off the entrance to the square as it is private property, a High Court injunction having previously been granted against public access to
5625-679: The LSE: the main market and the alternative investment market. The main market is home to over 1,300 large companies from 60 countries. The FTSE 100 Index ("footsie") is the main share index of the 100 most highly capitalised British companies listed on the Main Market. The Alternative Investment Market is LSE's international market for smaller companies. A wide range of businesses including early-stage, venture capital -backed, as well as more-established companies join AIM seeking access to growth capital. The AIM
5750-599: The NYSE and SIX Swiss Exchange. Upon application and with effect as of 14 January 2015, the shares of UBS AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. As of September 2019, the largest institutional shareholders are: As of 30 June 2018, the geographical distribution of the shareholders presents itself as follows: As of June 2018, UBS's corporate structure includes four divisions in total, namely: Starting on 9 June 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under
5875-500: The Rotunda of the Bank of England. Fraud was also rife during these times and in order to deter such dealings, it was suggested that users of the stock room pay an increased fee. This was not met well and ultimately, the solution came in the form of annual fees and turning the Exchange into a Subscription room. The Subscription room created in 1801 was the first regulated exchange in London, but
6000-775: The SBC part was dropped from the name; in 2000 when the new UBS got restructured the Dillon Read name was dropped, although it was brought back in 2005 as Dillon Read Capital Management , UBS's ill-fated hedge fund operations. The Union Bank of Switzerland emerged in 1912 when the Bank in Winterthur fused with the Toggenburger Bank . The Bank in Winterthur, founded in 1862 with an initial share capital of CHF 5 million, focused on providing financing for industry and other companies, and had profited considerably from its close railroad connections and large warehousing facilities during
6125-618: The Swiss Bank Corporation (SBC), the two merged in 1998 to create a single company known solely as "UBS". The agreement to merge had been made the previous year at a meeting of the Institut International d’Etudes Bancaires , a secretive club for European banking CEOs. UBS does not stand for Union Bank of Switzerland. The name 'UBS' came from one of its predecessor firms - the Union Bank of Switzerland. However, just like other prominent brands which used to be an abbreviation of
6250-400: The U.S. Federal Reserve . UBS was founded in 1862 as the Bank in Winterthur . This development came with the formation of the series of modern Swiss Grossbanken (big banks) in the latter part of the 19th century. The name of the bank was derived from the town of Winterthur , which served as Switzerland's industrial hub in the 19th century. By 1854, six private bankers in Basel founded
6375-455: The UBS moniker following company's start of operations as a unified global entity. UBS's global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment products and services. As of the end of 2016, UBS Wealth Management's invested assets totalled CHF 977billion. The whole companies assets under management (AUM) amounted to US$ 1,737.5 billion in 2015, representing
SECTION 50
#17329085886046500-580: The United States in 1991 with Chase Investors Management Corporation, the asset management business of Chase Manhattan Bank . At the time of the acquisition, the business managed in excess of US$ 30 billion in assets. The bank's investments had been in the conservative asset management and life insurance businesses; further, 60% of the bank's profits came from its even more conservative Swiss banking operations. In 1993, Credit Suisse outbid Union Bank of Switzerland for Switzerland's Swiss Volksbank ,
6625-555: The acquisition of American brokerage firm, Paine Webber . Colloquially referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the Bank of Tokyo-Mitsubishi . Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$ 910 billion in assets under management . Union Bank of Switzerland's Mathis Cabiallavetta became chairman of
6750-404: The aim to generate systematic products and services for clients, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business within a new area named Investments. UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses. In February 2017, UBS Group AG and
6875-472: The assets under administration were US$ 413 billion. With around 2,300 employees in 23 countries, UBS Asset Management is the largest mutual fund manager in Switzerland, a leading fund house in Europe, and one of the largest hedge funds and real estate investment managers in the world. It has main offices in Chicago , Hong Kong , London , New York , Singapore , Sydney , Tokyo , and Zürich . With
7000-640: The bank reoriented itself around wealth management advisory services and limited its sell side operations. Capital ownership of UBS by country of origin as of 2014: UBS is a joint-stock company ( Aktiengesellschaft ) pursuant to Swiss laws. Its shares are listed at the SIX Swiss Exchange and the New York Stock Exchange (NYSE). As of December 2020, UBS is present in all major financial centres worldwide, having offices in 50 countries, with about 30% of its approx. 73,000 employees working in
7125-623: The bank's nationalisation in 1982) named Mercury Securities. In 1974, S. G. Warburg and Paribas took a 40% interest in A.G. Becker & Co. , a U.S.-based brokerage. Although the joint venture initially provided an international dimension for its three members, the relationships soured in the late 1970s and early 1980s. The joint venture was plagued by competition between Warburg and Paribas , as well as cultural conflicts between French, English, and American executives. Although Warburg had originally planned to buy out Paribas, after Siegmund Warburg 's death, Paribas bought out Warburg's interest in
7250-474: The bank's other major recruits during this period were Olivier Sarkozy , Ben Lorello, Blair Effron , and Jeff McDermott. By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning US$ 2.1 billion of the US$ 39 ;billion paid to investment banks that year, increasing 33%. Over the next four years, UBS consistently ranked in the top 4 in the global fee pool and established
7375-417: The build-out of UBS's investment banking operation in the United States. Within weeks of joining, Moelis brought over a team of 70 bankers from Donaldson, Lufkin & Jenrette. Costas and Moelis hired more than 30 senior U.S. bankers from 2001 through 2004. It was estimated that UBS spent as much as US$ 600 million to US$ 700 million hiring top bankers in the U.S. during this three-year period. Among
7500-626: The centre of numerous tax avoidance investigations undertaken by U.S., French, German, Israeli and Belgian authorities. UBS operations in Switzerland and the United States were respectively ranked first and second on the 2018 Financial Secrecy Index . As of December 2023, UBS is the seventh largest bank in Europe with total assets worth over €1.554 trillion. It is one of the eight global " Bulge Bracket " banks. It has over CHF 3.2 trillion in assets under management (AUM), approximately CHF 2.8 trillion of which are invested assets. In June 2017, its return on invested capital
7625-680: The closure of its Dillon Read Capital Management (DRCM) division. Although in 2006, DCRM had generated a profit for the bank of US$ 720 million, after UBS took over DRCM's positions in May 2007, losses grew from the US$ 124 ;million recorded by DRCM, ultimately to "16% of the US$ 19 billion in losses UBS recorded." The UBS investment bank continued to expand subprime risk in the second quarter of 2007 while most market participants were reducing risk, resulting in not only expanding DRCM losses but creating 84% of
SECTION 60
#17329085886047750-421: The combination of three major asset management operations: UBS Asset Management, Phillips & Drew (owned by Union Bank of Switzerland ), and Brinson Partners (owned by SBC). The investment teams were merged in 2000 and in 2002 the brands were consolidated to become UBS Global Asset Management . At the end of December 2018, UBS Asset Management was responsible for US$ 781 billion of invested assets and
7875-458: The committee and Parliament , respectively. The Stock Exchange ended up being closed from the end of July until the New Year, causing street business to be introduced again, as well as the "challenge system". The Exchange was set to open again on 4 January 1915 under tedious restrictions: transactions were to be in cash only. Due to the limitations and challenges on trading brought by the war, almost
8000-461: The concerns for air raids were greater than ever. Eventually, on the night of 29 December 1940, one of the greatest fires in London's history took place. The Exchange's floor was hit by a clutch of incendiary bombs , which were extinguished quickly. Trading on the floor was now drastically low and most was done over the phone to reduce the possibility of injuries. The Exchange was only closed for one more day during wartime, in 1945 due to damage from
8125-532: The continuous transformation of their platform is due to a major efficiency, effectiveness and geographical dislocation of the services offered by the bank. UBS's main competitors in this division are BlackRock , Vanguard Group , State Street Global Advisers (SSGA), Fidelity Investments and Allianz Asset Management (AAM). UBS Investment Bank provides services covering securities, other financial products, and research in equities , rates, credit , foreign exchange , precious metals and derivatives . As of
8250-459: The earliest evidence of organised trading in marketable securities in London. After Gresham's Royal Exchange building was destroyed in the Great Fire of London , it was rebuilt and re-established in 1669. This was a move away from coffee houses and a step towards the modern model of stock exchange. The Royal Exchange housed not only brokers but also merchants and merchandise. This was the birth of
8375-551: The early 1960s. In 1960, Union Bank of Switzerland acquired an 80% stake in Argor SA, a Swiss precious metals refinery founded in 1951 in the canton of Ticino . UBS continues to issue gold bars via Argor-Heraeus which is famous for the unique kinebar holographic technology it uses to provide enhanced protection against bank gold bar counterfeiting . By 1962, Union Bank of Switzerland reached CHF 6.96 billion of assets, narrowly edging ahead of Swiss Bank Corporation to become
8500-506: The end of December 2018, the personnel employed at UBS Investment Bank totalled 5,205, present in 33 countries (with principal offices in Chicago, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Tokyo and Zurich). This business division also advises and provides access to capital markets for corporate and institutional clients, governments, financial intermediaries, alternative asset managers, and private investors. UBS Investment Bank
8625-491: The end of World War II, Union Bank of Switzerland completed the acquisition of the Eidgenössische Bank , a large Zürich-based bank that became insolvent . As a result of the merger, Union Bank of Switzerland exceeded CHF 1 billion in assets and moved its operations to Zürich. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in 1950 to 81 offices by
8750-564: The end of the 1950s and doubled assets again in the mid-1960s, exceeding CHF 10 billion by 1965. In 1961, SBC acquired Banque Populaire Valaisanne , based in Sion, Switzerland , and the Banque Populaire de Sierre . The bank opened a full branch office in Tokyo in 1970. In 1992, SBC acquired O'Connor & Associates , a Chicago-based options trading firm and the largest market maker in
8875-523: The fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s. The acquisition propelled Credit Suisse ahead of Union Bank of Switzerland as the largest bank in Switzerland for the first time. Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1994 including the Cantonal Bank of Appenzell-Ausserrhoden in 1996, and in 1997 Schröder, Münchmeyer, Hengst & Co. from Lloyds Bank
9000-784: The final third coming mainly from the Asia-Pacific region. With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately 190 offices (100 of which are in Switzerland). As of the end of 2018, around 23,600 people worldwide were employed by Global Wealth Management. In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes chequing , savings , credit cards , and mortgage products for individuals. They offer cash management and commercial banking services for small businesses and corporate clients as well. UBS global wealth management advisory operations in
9125-498: The financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early 2008 and Ben Lorello in 2009. UBS was fined $ 100 million by the FED in 2004 for trading in dollars with Iran and other sanctioned countries. At the beginning of 2007, UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop. In May 2007, UBS announced
9250-508: The financial industry "and the corrosive impacts of the ... sector on the world we live in" and activists also blocked entrances to HM Treasury and the Goldman Sachs office on Fleet Street . On 3 March 2022 the LSE declared it would suspend trading in GDR securities for Russian firms, subsequent to the 2022 Russian invasion of Ukraine . There are two main markets on which companies trade on
9375-662: The financial markets in the UK in 1986. The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading . In 1995, the Exchange launched the Alternative Investment Market , the AIM, to allow growing companies to expand into international markets. Two years later,
9500-503: The financial options exchanges in the U.S. O'Connor was combined with SBC's money market , capital market , and currency market activities to form a globally integrated capital markets and treasury operation . In 1994, SBC acquired Brinson Partners , an asset management firm focused on providing access for U.S. institutions to global markets, for US$ 750 million. Following the acquisition, founder Gary P. Brinson ran SBC's asset management business and later when SBC merged with UBS
9625-478: The floor. Second, in March the London Stock Exchange formally merged with the eleven British and Irish regional exchanges, including the Scottish Stock Exchange . This expansion led to the creation of a new position of chief executive officer ; after an extensive search this post was given to Robert Fell. There were more governance changes in 1991, when the governing Council of the Exchange was replaced by
9750-481: The human toll would have been very high. The explosion ripped a hole in the 23-storey building in Threadneedle Street and sent a shower of glass and concrete onto the street. The long-term trend towards electronic trading platforms reduced the Exchange's attraction to visitors, and although the gallery reopened, it was closed permanently in 1992. The biggest event of the 1980s was the sudden de-regulation of
9875-477: The joint venture in early 1983. Following the departure of Warburg from the joint venture, the firm was renamed A.G. Becker Paribas. A major participant in the " Big Bang " reforms of the 1980s under the leadership of its chief executive Sir David Scholey, it acquired stockjobber Ackroyd & Smithers, stockbroker Rowe & Pitman , and the government gilt broker Mullens & Co. in August 1984. The bank became
10000-469: The largest amount of private wealth in the world, counting approximately half of The World's Billionaires among its clients. UBS also maintains a global investment bank and is considered a primary market maker . The bank also maintains numerous underground bank vaults , bunkers and storage facilities for gold bars around the Swiss Alps and internationally. Partly due to its banking secrecy, it has been at
10125-400: The largest bank in Switzerland. The rapid growth was punctuated by the 1967 acquisition of Interhandel , which made UBS one of the strongest banks in Europe. By the 1980s, Union Bank of Switzerland established a position as a leading European underwriter of Eurobonds . Following two major acquisitions in 1986 ( Phillips & Drew and Deutsche Länderbank ), UBS made its first purchase in
10250-530: The local markets and into one of the ten global leaders in the sector. At the end of the transaction, completed in October 2017, the American company will administrate a total of CHF 420 billion in assets. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients. Ulrich Körner , president of the UBS Asset Management, affirms that
10375-420: The long-term strategies of the joint company is to expand Borsa Italiana's efficient clearing services to other European markets. In 2007, after Borsa Italiana announced that it was exercising its call option to acquire full control of MBE Holdings; thus the combined Group would now control Mercato dei Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with LSE's existing bond-listing business enhanced
10500-449: The merger of Swiss Bank Corporation and Union Bank of Switzerland in 1998, Warburg Dillon Read was renamed, UBS Warburg . The Warburg name was finally retired in 2003 when the investment banking operation of UBS was renamed UBS Investment Bank . London Stock Exchange The London Stock Exchange ( LSE ) is a stock exchange based in London , England. As of August 2023,
10625-408: The merger. On 3 November 2000, UBS merged with Paine Webber , an American stock brokerage and asset management firm led by chairman and CEO Donald Marron . At the time of its merger with UBS, Paine Webber had emerged as the fourth largest private client firm in the United States with 385 offices employing 8,554 brokers . The acquisition pushed UBS to the top wealth and asset management firm in
10750-430: The new bank while Swiss Bank's Marcel Ospel was named chief executive officer . Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Prior to the merger, Swiss Bank Corporation was considered to be further along than Union Bank of Switzerland in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read
10875-478: The onset of World War I , in which the bank lost investments in a number of large industrial companies. By the end of 1918, the bank had recovered and surpassed CHF 1 billion in total assets and grew to 2,000 employees by 1920. The impact of the stock market crash of 1929 and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in 1936. The bank saw its assets fall from
11000-540: The outbreak of the war, SBC made the timely decision to open an office in New York City. The office, located in the Equitable Building , was able to begin operations a few weeks after the outbreak of the war and was intended as a safe place to store assets in the case of an invasion. During the war, the banks' traditional business fell off and the Swiss government became their largest client. In 1945, SBC acquired
11125-402: The preeminent UK-based M&A ( merger and acquisition ) adviser, equity underwriter, research house and (via its Mercury Asset Management subsidiary) asset manager by the early 1990s. At its peak more than half the companies on the FTSE 100 used Mercury Asset Management for investment management purposes. Following another flawed and costly expansion into the United States, in 1994 a merger
11250-536: The range of covered European fixed income markets. London Stock Exchange Group acquired Turquoise , a Pan-European MTF, in 2009. UBS Warburg UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland . Headquartered simultaneously in Zürich and Basel , it maintains a presence in all major financial centres as the largest Swiss banking institution and
11375-449: The replacement of Union Bank of Switzerland's chairman, Robert Studer with Mathis Cabiallavetta, one of the key architects of the merger with Swiss Bank Corporation . On 8 December 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively. Discussions between
11500-529: The rest of Great Britain also benefited from the economic boom. Two other cities in particular showed great business development: Liverpool and Manchester. Consequently, in 1836 both the Manchester and Liverpool stock exchanges were opened. Some stock prices sometimes rose by 10%, 20% or even 30% in a week. These were times when stockbroking was considered a real business profession, and such attracted many entrepreneurs. Nevertheless, with booms came busts, and in 1835
11625-523: The square. The protesters moved nearby to occupy the space in front of St Paul's Cathedral . The protests were part of the global Occupy movement . On 25 April 2019, the final day of the Extinction Rebellion disruption in London, 13 activists glued themselves together in a chain, blocking the entrances of the LSE. The protesters were all later arrested on suspicion of aggravated trespass. Extinction Rebellion had said its protesters would target
11750-418: The subsequent bombing of the Exchange's perimeters, and one suggestion was a move to Denham , Buckinghamshire. This however never took place. On the first day of September 1939, the Exchange closed its doors "until further notice" and two days later World War II was declared. Unlike in the prior war, the Exchange opened its doors again six days later, on 7 September. As the war escalated into its second year,
11875-489: The top, and middle floors let out to affiliate companies. Queen Elizabeth II opened the building on 8 November 1972; it was a new City landmark, with its 23,000 sq ft (2,100 m ) trading floor. 1973 marked a year of changes for the Stock Exchange. First, two trading prohibitions were abolished. A report from the Monopolies and Mergers Commission recommended the admittance of both women and foreign-born members on
12000-402: The total belong to individuals with net worth between CHF 1 million and CHF 10 million and the last 10% of total assets belong to individuals with a net worth of less than CHF 1 million. UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services. Additionally, UBS provides
12125-532: The total market value of all companies trading on the LSE stood at $ 3.18 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cathedral . Since 2007, it has been part of the London Stock Exchange Group (LSEG, which the exchange also lists (ticker symbol LSEG)). Despite a post- Brexit exodus of stock listings from the London Stock Exchange, the LSE was the most valued stock exchange in Europe as of 2023. According to
12250-516: The trading floor covers 9,600-square-metre (103,000 sq ft) with 12-metre (40 ft) arched ceilings. Over US$ 1 trillion in assets are traded here every trading day. In June 2011, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking for office spaces in Midtown and in the rebuilt World Trade Center . UBS's main competitors in this division are fellow members of
12375-446: The transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder, a new and bigger building was planned, at Capel Court. William Hammond laid the first foundation stone for the new building on 18 May. It was finished on 30 December when "The Stock Exchange" was incised on the entrance. In the Exchange's first operating years, on several occasions there
12500-441: The two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures. The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$ 590 billion (~$ 1.04 trillion in 2023), the largest of its kind. During the merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following
12625-429: The war, when it was demonstrated that UBS likely took active roles in trading stolen gold, securities , and other assets during World War II. The issue of "unclaimed property" of Holocaust victims became a major issue for UBS in the mid-1990s, and a series of revelations in 1997 brought the issue to the forefront of national attention in 1996 and 1997. UBS confirmed that a large number of accounts had gone unclaimed as
12750-509: The world, both the City and the Stock Exchange were hit hard by the outbreak of World War I in 1914. Due to fears that borrowed money was to be called in and that foreign banks would demand their loans or raise interest, prices surged at first. The decision to close the Exchange for improved breathing space and to extend the August Bank Holiday to prohibit a run on banks, was hurried through by
12875-464: The world. Initially, the business was given the divisional name UBS PaineWebber but in 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA . UBS took a CHF 1 billion write-down for the loss of goodwill associated with the retirement of the Paine Webber brand when it integrated its brands under the unified UBS name in 2003. John P. Costas ,
13000-591: The years 1885 and 1886, when the bank merged with the Zürcher Bankverein and acquired the Basler Depositenbank and the Schweizerische Unionbank, it changed its name to Schweizerischer Bankverein . The English name of the bank was originally Swiss Bankverein, but was changed to Swiss Bank Corporation (SBC) in 1917. SBC subsequently experienced a period of growth, which was only interrupted by
13125-534: Was 11.1%, followed by Goldman Sachs ' 9.35%, and JPMorgan Chase 's 9.456%. UBS acquired rival Credit Suisse in an emergency rescue deal brokered by the Swiss government and its Central bank in 2023, following which UBS' AUM increased to over $ 5 trillion along with an increased balanced sheet of $ 1.6 trillion. In late 2016, UBS established a blockchain technology research lab in London to advance its cyber security and encryption of client activities. Based on regional deal flow and political influence, UBS
13250-489: Was a former industrialist in the German steel industry, and is also Jewish. Warburg and Grunfeld fled Nazi Germany in the 1930s. S. G. Warburg and Co. were recognised for its pioneering mergers and takeover work in the UK in the 1960s. These works included the first ever hostile takeover in the UK and the first-ever Eurobond issue, which fostered the new Eurodollar market. The firm's acquisition of Seligman Bros. in 1957
13375-469: Was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, and the Royal Exchange hosted all transactions where foreign parties were involved. The constant increase in overseas business eventually meant that dealing in foreign securities had to be allowed within all of the Exchange's premises. Just as London enjoyed growth through international trade,
13500-478: Was a significant event in its rise to prominence; through this, Warburg gained a place on the Accepting Houses Committee, which is composed of the 17 top merchant banks with access to cheap capital backed by the Bank of England . In 1958–1959, Tube Investments , advised by S. G. Warburg & Co, fought a fierce and ultimately successful battle to acquire British Aluminium in a bidding war with
13625-452: Was acquired to improve access to the German investment banking and private wealth management markets. During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force
13750-568: Was announced that the LSE would merge with the Deutsche Börse ; however this fell through. On 23 June 2007, the LSE announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of
13875-446: Was announced with Morgan Stanley , but the talks collapsed. The following year S. G. Warburg was purchased by Swiss Bank Corporation . Swiss Bank Corporation merged S. G. Warburg with its own existing investment banking unit to create SBC Warburg, which became a leading player in global investment banking. In 1997, SBC Warburg was merged with U.S. investment bank Dillon, Read & Co. to create Warburg Dillon Read . After
14000-474: Was appointed as the main architect, and in March 1854, the new brick building inspired from the Great Exhibition stood ready. This was a huge improvement in both surroundings and space, with twice the floor space available. By the late 1800s, the telephone, ticker tape , and the telegraph had been invented. Those new technologies led to a revolution in the work of the Exchange. As the financial centre of
14125-479: Was based on Microsoft's .NET Framework , and was developed by Microsoft and Accenture. Despite TradElect only being in use for about two years, after suffering multiple periods of extended downtime and unreliability the LSE announced in 2009 that it was planning to switch to Linux in 2010. The main market migration to MillenniumIT technology was successfully completed in February 2011. The previous system, SETS,
14250-544: Was changed to Union Bank of Switzerland (UBS) to mirror its French name, Union de Banques Suisses . In German, the bank was known as the Schweizerische Bankgesellschaft (SBG). The combined bank had total assets of CHF 202 million and a total shareholders' equity of CHF 46 million. In 1917, UBS completed the construction of a new headquarters in Zurich on Bahnhofstrasse , considered to be
14375-415: Was considered to be the more established platform. Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities. After the merger was completed, it was speculated that a series of losses suffered by UBS on its equity derivative positions in late 1997 was a contributing factor in pushing UBS management to consummate
14500-474: Was created in 2003 in partnership with OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time market data and trading systems. The old Stock Exchange Tower became largely redundant with Big Bang, which deregulated many of the LSE's activities: computerised systems and dealing rooms replaced face-to-face trading. In 2004, the LSE moved to a brand-new headquarters in Paternoster Square , close to St Paul's Cathedral . In 2007,
14625-580: Was establishing itself as a major player on Wall Street with the acquisition of Donaldson, Lufkin & Jenrette in 2000, Costas shifted the growth strategy from acquiring entire firms to hiring individual investment bankers or teams of bankers from rival firms. Costas had followed a similar approach in building out the UBS fixed income business, hiring over 500 sales and trading personnel and increasing revenues from US$ 300 million in 1998 to over US$ 3 billion by 2001. The arrival of former Drexel Burnham Lambert investment banker Ken Moelis marked
14750-609: Was formerly known as UBS Warburg and as Warburg Dillon Read , before the merger of the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). Within the UBS Investment Bank division, the Investment Banking Department (IBD) provides a range of advisory and underwriting services including mergers and acquisitions , restructuring , equity offerings , investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and
14875-562: Was introduced in October 1997 and used until 2007. The London Market Information Link, a COBOL application running on a HP Tandem server was used to disseminate market data to terminals before being replaced by Infolect. The LSE facilitates stock listings in a currency other than its "home currency". Most stocks are quoted in GBP but some are quoted in EUR while others are quoted in USD. On 3 May 2000, it
15000-682: Was leaving the company, and shortly thereafter founded a new business, Moelis & Company . As he had when joining UBS, Moelis took a large team of senior UBS investment bankers. Moelis's departure was caused primarily by repeated conflict over the availability of capital from the bank's balance sheet to pursue large transactions , particularly leveraged buyouts . The bank's apparent conservatism would be turned on its head when large losses were reported in various mortgage securities rather than corporate loans that generated investment banking fees. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early 2007 and, as
15125-435: Was named chief investment officer of UBS Asset Management. The acquisition of S.G. Warburg & Co. , a leading British investment banking firm, in 1995 for the price of US$ 1.4 billion (~$ 2.56 billion in 2023) signified a major push into investment banking. S.G. Warburg & Co. had established a reputation as a daring merchant bank that grew to be one of the most respected investment banks in London . However,
15250-570: Was named "Best Bank for Wealth Management in North America" at the Euromoney Awards for Excellence 2017. UBS's main competitors in this division are Bank of America , Morgan Stanley , JP Morgan Chase , Wells Fargo and Charles Schwab . UBS's Personal & Corporate Banking division delivers financial products and services to retail, corporate and institutional clients in Switzerland. It also provides stable and substantial profits for
15375-568: Was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed a set of recommendations, which later became the foundation of the first codified rule book of the Exchange. Even though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive. With its new governmental commandments and increasing trading volume,
15500-411: Was not a daily list and was only published a few days of the week. This list and activity was later moved to Garraway's coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are
15625-546: Was that traders began leaving the Royal Exchange, either by their own decision or through expulsion, and started dealing in the streets of London. The street in which they were now dealing was known as ' Exchange Alley ', or 'Change Alley'; it was suitably placed close to the Bank of England . Parliament tried to regulate this and ban the unofficial traders from the Change streets. Traders became weary of "bubbles" when companies rose quickly and fell, so they persuaded Parliament to pass
#603396