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UBS Shareholder Calls for Split with Investment Bank

A UBS AG (UBS) investor called for the Swiss lender to hive off its investment banking business that "nearly destroyed" it during the financial crisis, striking an antagonistic note on the day of the bank's annual shareholder meeting.Knight Vinke Asset Management, a New York-based activist investor, published an open letter in which it said that UBS's investment bank is risky and threatens the bank's core business of managing assets for wealthy clients."We question the merits of keeping the investment bank under the same roof as the wealth management and Swiss banking businesses," Knight Vinke Chief Executive Eric Knight wrote.Knight Vinke owns about 1% of UBS, according to a spokeswoman for the investment firm. In the past, even with small stake holdings, the group has proved influential with other investors, although in its letter it gave no indication whether other shareholders supported its calls.The challenge comes just days after UBS, Switzerland's largest bank by assets, posted ...

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