UBS Consolidates Asset Business

February 20, 2001 ( - Union Bank of Switzerland is finalizing its consolidation plans by combining Mitchell Hutchins Asset Management Inc. with the bank's existing asset management business.

The Mitchell Hutchins unit will be re-named Brinson Advisors and  is being positioned to complement the Brinson Partners’ United States institutional asset management business. The Brinson Advisory firm provides investment products and services the  wholesale intermediary market.

Mitchell Hutchins Asset Management was formerly a PaineWebber unit. UBS acquired PaineWebber in November 2000.

Mitchell Hutchins has about  $74 billion in assets under management and acts as a specialized investment manager mainly for the private client market. It focuses on providing quantitatively-driven investments, short-term fixed income and municipal securities.