UBS to Sell Julius Baer Stake Valued at $3.3 Billion to Fund Share Buyback

(Bloomberg) -- UBS AG, the world's biggest money
manager, plans to sell its 4.1 billion-Swiss franc ($3.3 billion)
stake in Julius Baer Holding AG and use the proceeds to buy back
stock.

UBS got the 20.7 percent holding when it sold three private
banks and an asset management unit to Julius Baer in December
2005. The sale will generate a pretax gain of about 2.1 billion
francs, Zurich-based UBS said in a statement today.


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