Cevian Takes $1.3 Billion UBS Stake Saying Bank Undervalued
- Cevian now one of UBS’s biggest investors with new stake
- Stockholm-based activist investor backs UBS management
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Activist investor Cevian Capital AB is making a €1.2 billion ($1.3 billion) bet on UBS Group AG’s bid to overtake Morgan Stanley as the world’s pre-eminent wealth management company.
The Stockholm-based firm announced Tuesday that it has amassed a stake of about 1.3% in the Swiss bank over the course of this year, making it one of the lender’s biggest shareholders. Cevian said the stake is based on confidence that UBS can successfully integrate Credit Suisse, and double its share price over the next two to three years.