UBS Capital, the private equity arm of Swiss bank UBS, has decided to focus on its existing portfolio following a review of the business and losses on investments for the past three quarters.
The group announced today that for the third quarter 2001, it recorded a pre-tax loss of SFr112m, compared with a loss of SFr351m for the second quarter. In a statement UBS said that 'following the conclusion of a strategic review, UBS has decided that it will focus on private equity asset management, and restrict the level of its direct investments.'
The firm also said it expects the market environment to remain difficult. 'Without material improvement in liquidity and corporate earnings prospects, it is expected that UBS Capital's results in Q4 2001 and for 2002 will continue to show net losses.'
UBS Capital concludes review
The private equity firm has announced a SFr112m loss for Q3 and said it will concentrate on managing its existing investments from hereon.
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