Lansdowne Buys UBS Shares, Cites Ermotti’s ‘Commendable’ Plans
This article is for subscribers only.
Lansdowne Partners LP, the largest Europe-based hedge fund that focuses on equities, bought shares of UBS AG last month as it increased its holdings in the financial services industry.
UBS Chief Executive Officer Sergio Ermotti has taken “the commendable decision to focus upon its asset management and advisory businesses,” Lansdowne said in a performance report for its European Equity Fund, a copy of which was obtained by Bloomberg. The position is equivalent to 5 percent of the fund’s net asset value, the firm said in the report.