With restructurings, resizings, reviews and redundancies seemingly going on all over, it's refreshing to report that there is one place which appears to be going from strength to strength - UBS.
According to Bloomberg, the Australian M&A market has produced a record $544m in fees so far this year (more dosh than the M&A boys made in Japan, which has an economy eight times larger!). And UBS, which was mandated on in excess of half of Australia's $102bn announced deal total, is currently sitting on top of the M&A tree there.
UBS has worked on 46 announced deals so far this year, with a combined ticket value of $63.1bn. Macquarie comes in second (42 deals, $45.7bn deal volume). Then comes JP Morgan (21, $42.8bn). 2003's top player, Deutsche Bank, has fallen to fifth place so far this year, working on 21 announced deals, with a ticket value of $31.8bn.
And the Swiss bank continues to demonstrate that it is determined to clean up in wealth management. UBS has now confirmed that it will purchase Julius Baer's US wealth management operations for an undisclosed sum. The unit employs 55 people and has around $4bn under management.
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