Activist investor Cevian Capital has taken a €1.2bn stake in UBS, betting that the Swiss bank can double its valuation over the next three to five years.
Cevian, Europe’s largest dedicated activist, has invested just under a tenth of its total portfolio in UBS shares since it rescued Credit Suisse in March, according to people with knowledge of the approach. Cevian is now a top-10 investor in the Swiss bank.
“This is the biggest opportunity in global financials,” Lars Förberg, Cevian’s co-founder, told the Financial Times. “UBS is valued like an average European bank, not as a leading global wealth manager. If the valuation gap to Morgan Stanley . . . is closed, the UBS share is worth SFr50 [$57.56].”
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