ubs ag-reg (UBS) Key Developments
Cath Kidston Appointed Advisor For Potential Sale
Dec 7 13
Cath Kidston Limited has brought in UBS AG (SWX:UBSN) to advise on a potential sale which could net its eponymous founder up to £50 million. Cath Kidston said, "Cath Kidston is growing rapidly and has exciting plans to capitalise on the international appeal of its brand. In these circumstances it is prudent that the company and its owners should carefully assess the options available to take the company through the next stage in its evolution and UBS has been appointed to help."
UBS Group Americas Presents at UBS 41st Annual Global Media & Communication Conference, Dec-09-2013 07:45 AM
Dec 6 13
UBS Group Americas Presents at UBS 41st Annual Global Media & Communication Conference, Dec-09-2013 07:45 AM. Venue: Westin New York, Times Square, 270 West 43rd Street, New York, NY 10036, United States. Speakers: Bob McCann, CEO.
UBS Announces Management Changes
Dec 5 13
John Fraser, who has been Chairman and CEO Global Asset Management since 2001, has decided to retire from his CEO role and as a member of UBS's Group Executive Board, effective December 31, 2013. Ulrich Koerner, currently Group Chief Operating Officer (COO), will become CEO Global Asset Management, effective January 1, 2014 in addition to his role as CEO Europe Middle East and Africa. As Group COO, he has played an instrumental role in a number of key strategic initiatives. These include the realignment of the Corporate Center, the design and set-up of the firm's Industrialization Program and UBS's cost reduction efforts which have delivered several billion Swiss francs in efficiencies since 2009. Tom Naratil, currently Group Chief Financial Officer (CFO), will also become Group Chief Operating Officer, effective January 1, 2014. The COO function will include Group Technology, Group Operations, Corporate Services and the firm's Industrialization Program. In addition, the Corporate Development function will move to the CFO area. Tom Naratil has transformed UBS's Finance organization since taking over in 2011 and has successfully driven UBS's efforts to strengthen its capital, balance sheet and funding positions. In addition, also effective January 1, 2014, UBS is making several other changes to its Corporate Center organization. Group Human Resources, Communications & Branding and Group Regulatory Relations & Strategic Initiatives (GRR&SI) will report directly to Sergio P. Ermotti, Group Chief Executive Officer. In order to manage UBS's compliance, conduct and operational risks in a more integrated and effective way, Compliance and Operational Risk Control will be merged to form a new function reporting to Philip Lofts, Group Chief Risk Officer. The new function will continue to work closely with Legal, led by General Counsel Markus Diethelm, given the complementary mandates of both organizations. In addition, UBS's Group Security Services function will also move to the Group Chief Risk Officer area.
UBS AG Appoints Meltem Cagan as Turkey Country Head
Dec 5 13
UBS has appointed Meltem Cagan as its new country head for Turkey. Cagan, who has taken up her new role on 1 November 2013, reports to Luca Pedrotti, the firm's region head for Turkey, Israel, Greece and Africa. In her new role, Cagan will focus on setting the bank's strategy for the country. Additionally, she will head up the initiative to win ultra-rich clients in the country. Cagan has joined UBS from Morgan Stanley, where he was the head of wealth management for Turkey. Prior to this, she served for seven years as the country head for Turkey at Citibank's private banking division.
Update On Novorossiysk Stake Sale; RDIF Interested
Dec 5 13
Russian Direct Investment Fund (RDIF) is interested in acquiring government’s stake in Public Joint Stock Company Novorossiysk Commercial Sea Port (MICEX:NMTP) (NCSP). RDIF’s Chief, Kirill Dmitriev said that the company is interested in buying the stake and has put a consortium of investors together. He Said, “Clearly there are a lot of parties interested in the Novorossiysk port and the RDIF is certainly one of them.” The official mentioned that the fund has formed a ‘considerable consortium of investors, among them Arab investors, with significant experience of port management, and this port would be of interest to them. But it's a question for (Russian Federal Property Agency) Rosimuschestvo, how this (privatization) process is to go, but the Novorossiysk port is extremely interesting to us’. On December 4, 21013, Russian Economic Development Minister, Alexei Ulyukayev said that the government would be possible to sell the government's 20% stake in NCSP together with the 5% that Open Joint Stock Company Russian Railways (RZD) owns in NCSP. The minister said, “We'll I don't rule this out. A 25% stake really does look nicer than a smaller one.” Recently RZD Chief, Vladimir Yakunin said that the company was prepared to sell its 5.3% stake together with the government's 20% stake in NCSP. He added, “We'd like the state to view this stake as a stake at its disposal. It's one thing to sell 20% and another to sell 25%. There's a world of difference between them, as they say in Odessa.” Alexei Ulyukayev said, “I haven't seen a formal offer. I only know about this from publications, this was a public statement. I haven't seen a specific document.” He further mentioned that mode of sale had not been finalized and that an SPO was also possible. According to the latest reports, the sale of the 20% stake should take place before 2013. UBS AG (SWX:UBSN) has been engaged for the sale process. Interests have been expressed by OOO NefteGazIndustria, Delo Ltd., Abu Dhabi Investment Company, Noble Group Limited (SGX:N21), Macquarie Russia & CIS Infrastructure Fund, International Container Terminal Services Inc. (PSE:ICT), Transinvestservice Limited, United Capital Partners, and Summa Group. According to the report, the authorities are not ruling out pushing back the sale of the stake in the port to 2014, but how it is to be sold has yet to be determined.