UBS has come under pressure to sell its asset management arm from former chief executive Luqman Arnol...
UBS has come under pressure to sell its asset management arm from former chief executive Luqman Arnold. Arnold now runs investment group Olivant, which has amassed a 0.7% stake in the Swiss giant. Also demanded was the ousting of group chairman Marcel Ospel and the sale of Brazilian wealth management arm Pactual. The six-page letter to UBS vice-chairman Sergio Marchionne follows further sub-prime writedowns of $19bn this week and mounting calls to break-up the troubled bank.
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