UBS won broad shareholder backing for its strategy and pay policies on Thursday, dealing a blow to a surprise call from activist investor Knight Vinke Asset Management for the Swiss bank to hive off its investment bank.
Knight Vinke’s intervention, in an open letter to UBS management, staff and investors, was not taken up by other shareholders during hours of questioning at the bank’s annual general meeting (AGM) on the outskirts of Zurich.
UBS said forecast-beating first-quarter earnings earlier this week showed its pared-back investment bank complemented its
via Business feed http://www.scmp.com/business/banking-finance/article/1229050/ubs-shrugs-break-call-shareholder-support
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