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Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

Warburg is walking tall

The investment bank is back from the brink, its cultured style intact. Now it is taking the fight to Wall Street, says Peter Koenig

Outlook: UBS/CGIP

THE DISCOUNT to net asset value that British investment trust shares have begun to trade at seems bad enough, but as this column pointed out yesterday, this apparent anomaly has got nothing on French industrial holding companies. As if on cue, Warburg Dillon Read yesterday forked out pounds 300m to buy 10 per cent stakes in the interlinked Marine-Wendel and CGIP, presumably with the intention of helping to unlock some of the hidden value that lies within them.

UBS resists pressure to sell Warburg

UBS, Europe's largest bank, moved yesterday to quell speculation that it is seeking to sell Warburg Dillon Read, its investment banking arm despite worse-than-expected third-quarter losses of pounds 530m after tax.

UBS loses $100m in China

UBS, EUROPE'S largest bank, has lost $100m (pounds 60m) in China as a result of the collapse of Guandong International Trust and Investment Corporation (Gitic), a provincial institution which financed infrastructure projects in southern China with loans from foreign banks.

LTCM chiefs resisted UBS taking stake

LONG-TERM Capital Management, the hedge fund which had to be bailed out, turned down repeated requests from UBS to become a direct investor in the fund and only allowed the Swiss bank to take a stake because of the persistence of the bank's top executives.

UBS woos Deutsche Bank head as chairman

UBS HAS approached Josef Ackerman, the head of investment banking at Deutsche Bank, to take over as chairman in the wake of last week's departure by Mathis Caballiavetta, who quit over his role in the bank's loss- making investment in Long-Term Capital Management, the troubled hedge fund.

Outlook: Heads are bound to roll at UBS

MARTIN TAYLOR, chief executive of Barclays, is reported to be dismayed at the collapse of his share price. But if Mr Taylor thinks he's got problems, he should take a look at the price of UBS, Europe's largest bank. Down another 15 per cent yesterday, the shares have fallen all the way from 650 Swiss francs on 4 August to 270 by last night's close.

UBS profits

SHARES IN UBS, parent of Warburg Dillon Read, the investment bank, shrugged off a 554m Swiss franc (pounds 231m) hit from the Holocaust settlement to soar 4 per cent in Zurich yesterday after reporting a better-than-expected first half, thanks to buoyant equity markets world-wide.

UBS denies `$700m loss' claim

UBS yesterday issued a categorical denial of an article in The Economist which alleged that the Swiss bank incurred losses of up to $700m (pounds 425m) at its Singapore branch due to "poor risk control".

pounds 3m fine for UBS's Jersey private bank

CANTRADE private bank Switzerland (CI), the Jersey-based subsidiary of Swiss banking giant UBS, has been fined pounds 3m for criminal recklessness by the island's Royal Court.
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