UBS says shareholders back strategy after call for break-up


UBS said that shareholders on Thursday backed its strategy of private banking and investment banking, after activist investor Knight Vinke Asset Management called for the Swiss bank to separate the two.

"We offered all our shareholders the opportunity to publicly make comments and present ideas at our annual general meeting today and received a response," UBS said in a statement following a nearly five-hour investor meeting, without directly mentioning Knight Vinke's demands.

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Representatives for Knight Vinke did not address shareholders.

"At the annual general meeting UBS confirmed that the firm is on track and comfortable with its new strategy," the Zurich-based bank said.

(Reporting By Katharina Bart)