UBS eyes up Lyonnais broker
Swiss manager said to be offering e215m for private client stockbroker.
UBS looks set to boost its funds distribution network through the acquisition of Crédit Lyonnais subsidiary Laing & Cruickshank. One of the City of London’s oldest names, Laing has around E7.5bn under management and boasts a strong regional presence in the UK.
Steve McCool, chief spokesman at UBS, said the condition of any acquisition was “that price and strategy are right and the company fits into our culture”.
UBS is thought to be offering E215m for the private client stockbroker. Sebastian Dovey, managing partner at wealth management consultancy Scorpio Partnership, said such a price would be fair, based on recent deals such as Barclay’s acquisition of Gerrard for about E285m.
Mr Dovey added: “UBS has to be aware of different cultures and whether it’s buying the right type of client base. Laing & Cruickshank may be a complementary fit, but UBS will still need a good integration strategy to ensure a swift return on their investment.”
Late last year UBS siphoned e3.5bn in US, UK and Japan equity funds out of Switzerland and into Luxembourg, according to FERI fund market information. This could be because Italian investors are no long allowed to hold Swiss-domiciled funds.
