A Swiss pension fund manager has added its voice to a chorus of complaints in Switzerland over being shut out of a capital increase by UBS, before an emergency shareholders› meeting next month.
UBS announced last month that Singapore and an unidentified Middle East investor, believed to be Saudi Arabia, would make a 13 billion Swiss franc ($11.82 billion) capital injection through a mandatory convertible bond to help shore up the bank’s balance sheet.
«We want to participate in this capital increase,» Herbert Braendli, who heads Profond, a fund with 2.5 billion francs under management, told Reuters.