We continue to be interested, we continue to see targets, we continue to analyze and look at opportunities. We do want to invest (in wealth management), … We do have room for buying back (more...

We have reaped the benefits from investment banking. We are particularly pleased with our M&A performance in a business where we were literally nobody four or five years ago.

It was just too good to refuse,

I do feel we are (shifting) our priorities,

We regard this agreement as a natural development of our long-term relationship with Bank of China.

Julius Baer’s business model is very similar to that of the three private banks and GAM. The sale of the complete unit pays special attention to the preservation of continuity between clients and their advisers...

When you compare our fixed-income business with some of our competitors, there are some gaps. We do see opportunities to invest into people, in some instances into risk.

We are therefore optimistic about the outlook for UBS — for 2006 and beyond.

If you asked me now, for example, where our interests lie, I’d say that we’d focus on wealth management businesses. Generally, deals are likely to be smaller and less transformational than they have been in...

This is a substantial result in a business when we were literally nobodies four or five years ago.

As in 2004, we have achieved another record level of profit. Although markets clearly helped us last year, we believe the result also reflects the sustainable earnings power of UBS, based on our client-centric strategy...

We have started very well into the third quarter. There is quite a healthy pipeline in the market, … That makes us confident.