Olivant raises stakes and calls for UBS reform

Olivant has raised its stake in UBS and backed the Swiss bank's rights issue but it continued to apply pressure for a strategy overhaul.

Olivant, headed by Luqman Arnold, the former chief executive of UBS, said by its $1.8bn (£918m) stake underlined its "belief in the potential restoration of shareholder value achievable through decisive action on the part of the UBS board". The company upped its stake to 2.5 per cent from 1.1 per cent over two months.

Mr Arnold has called on UBS to reform governance and split itself up after the Swiss banking giant suffered massive losses on risky investments.