UBS to Sell Julius Baer Stake Worth $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
shares.

UBS obtained the 20.7 percent holding when it sold three
private banks and an asset management unit to Julius Baer in
December 2005. An agreement preventing it from disposing of the
stake expires at the end of the day, Zurich-based UBS said in a
statement today.


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