DOCSLIB.ORG

Annual Review 2003 Ab

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Review 2003 Ab ab Annual Review 2003 Contents 02 Letter to Shareholders 05 Financial Highlights 06 The Year in Review 08 UBS – Our Credentials 16 Wealth Management Worldwide Business Banking in Switzerland 26 Global Asset Management 30 Investment Bank 36 Wealth Management in the US 41 2003 Financials 42 Corporate Governance 46 Financial Results in 2003 54 Business Group Results in 2003 57 Sources of Information about UBS 58 Contacts Dear Shareholders We could not have anticipated that 2003 would turn share growth of 44% represent first-class shareholder out to be so positive for the financial services industry. returns. Our businesses closely traced the strong It was also an excellent year for UBS – the second recovery in financial markets, gaining market share most profitable in our history and one in which we in the process. In addition, our results reflected a made significant strategic progress and important significant improvement in the performance of our competitive gains. private equity portfolio. Overall expenses remain under tight control across Our net profit for the year was CHF 6,385 million, UBS, with cost reductions in practically all categories. up from CHF 3,535 million in 2002 – and only 18% The cost / income ratio fell again and reached its lowest lower than the record result we achieved in the booming level since PaineWebber became part of UBS. Our plan markets of 2000. When conditions were difficult at to integrate IT infrastructure across UBS is the latest the outset of the year, our results were resilient. As the signal of our commitment to run this firm with maxi- year progressed, investor sentiment turned increasingly mum efficiency. Growth and efficiency improvements positive and activity levels picked up along with stock are different sides of the same coin. It is a company’s market valuations. Helped by this improving environ- responsibility to permanently rid itself of inefficient ment, we fully captured the resulting revenue opportu- structures in order to pre-empt the necessity of more nities. painful measures later as a result of market pressure. Results in both 2002 and 2003 were influenced by Large, international companies facing global competi- items we call significant financial events – items that tion will continue to grow in some areas of their indicate neither future performance nor our underlying business while continuing to strip out costs in others. operational result. In 2002, we realized total net gains of CHF 185 million from the sale of non-core The strength of our brand is an important contrib- businesses. At the end of that year, our decision to uting factor to our success. On 9 June 2003, we adopt a single brand required us to write down the adopted the single UBS brand for all our major busi- CHF 953 million net value of the PaineWebber brand. nesses around the world. This successful implemen- In 2003, we realized a net gain of CHF 2 million from tation, supported by wide-ranging internal communi- the sale of our US clearing business. Excluding these cations and a global advertising campaign, publicly effects, and before goodwill amortization, net profit illustrated the “one firm” philosophy that is integral increased 33% in 2003 from 2002. On the same basis, to UBS. A brand is not only a name or a logo. It return on equity of 20.9% and basic earnings per should represent how a company defines itself. For our clients, UBS stands for the relentless pursuit of their success, giving them access to the advice and resources of a global powerhouse. In the rest of this year’s Annual Review, we show you how our employees bring our brand values to life in their daily work – how they take the time to listen and understand our clients’ needs, helping them to feel confident that they have made the right financial decision with us at their side. A brand is the deciding factor when convincing new clients to use our services, making our brand strategy an important cornerstone in our drive to grow organically. 2 Letter to Shareholders In the US – where the change has been the most signifi- Because our business is set for growth, we see revenue cant – we have already raised the familiarity of our opportunities increasing along with market and brand. This year, we are continuing our major drive to investor sentiment. We therefore expect a gradual build a strong and positive image around the world. rise in our levels of market and credit risk – although we will maintain our risk culture that has protected Our future is one of growth. We will keep expanding our earnings throughout the business cycle. our business by growing organically. Our Investment Bank is firmly positioned in the top bracket of the Increasing our dividend by 30% demonstrates industry. Its equities business with institutional clients the confidence we have in the long-term sustainability continues to stretch its lead as the number one player of our performance. The Board of Directors will globally, while its fixed income business results are on recommend a dividend of CHF 2.60 per share to the par with the leaders in the industry. We ended the year Annual General Meeting on 15 April 2004, compared as the fourth-ranked investment bank worldwide for to CHF 2.00 paid out last year. advisory fees as well as share and bond underwriting, We continue to regard the efficient use of our capital up from seventh place in 2002. resources as an important discipline. UBS has managed In January this year, we were named the “Best Global to generate consistently strong cash flows over the Private Bank” by Euromoney, confirming our success past few years, exceeding the capital requirements of in serving our clients across Europe, Asia Pacific our business activities. While maintaining our strong and the US. Awards are gratifying recognition, but for capitalization, we have distributed this “excess capital”, us the most important endorsement of our business either by making direct distributions or by buying is the trust of our clients. And that was shown by the back shares for cancellation and making each share CHF 50.8 billion in new assets that wealth manage- more valuable as a result. This reflects the fact that ment clients placed with us last year. you, our shareholders, have different preferences for Although we are already the clear market leader in receiving these returns: some prefer cash dividends, Switzerland, we continue to look for growth opportuni- some prefer share buybacks. By pursuing both avenues, ties in the Swiss retail business. Last year, for instance, a we aim to attract and retain the widest, most diverse dedicated campaign specifically tailored to capture new and global shareholder base. In total, we have distrib- residential mortgage business in a low interest rate envi- uted CHF 25.5 billion to shareholders since the start ronment helped us cement our number one position. of 2000, representing an average total yield of approxi- We have also boosted our organic growth strategy mately 7% per annum. with bolt-on acquisitions that quickly and efficiently expand the presence of our core businesses. In Euro- Having successfully navigated the turbulent down- pean wealth management, for example, we acquired markets of the last few years with no unpredictable the French business of Lloyds TSB and the German changes in our profitability, our strategy, or our wealth management business of Merrill Lynch last staffing levels, we now enter what seem likely to be year. Early this year in the UK, we agreed to acquire calmer waters with, we believe, the full confidence the advisory firms Laing & Cruickshank and Scott of our clients, our employees, and you, our share- Goodman Harris, launching us into the top tier of holders. Our businesses are all performing extremely wealth managers in the UK. In the US, we acquired well. And while, of course, we cannot predict with ABN Amro’s prime brokerage business, immediately certainty whether markets will continue in their expanding our Investment Bank’s services to hedge friendly mood, we are committed to again securing fund clients. for our investors the best possible returns in 2004. Marcel Ospel Peter Wuffli Chairman Chief Executive Officer 17 March 2004 3 Register Earning someone’s confidence is difficult. It involves listening – For this year’s Annual Review, we have chosen pictorial themes building trust. Being fair, evenhanded, objective. Showing you that illustrate people working together, building the trust need- are interested. For their sake – not yours. At UBS, it is our job ed to reach for something unique. Architects and planners to give our clients confidence in the financial decisions they helping a couple build a dream. Designers and tailors painstak- make. For us, that means listening to them. As individuals. Tak- ingly creating a special dress. Craftsmen faithfully restoring a ing a thorough look at what they want and how they want to vintage yacht to its former splendor. We believe the stories achieve it. They need to know that we can commit the neces- reflect what we at UBS strive to do every day – around the sary resources – using our strength and reputation – for them. world. 4 UBS share performance The year 2003 Since 2001 UBS registered share DJ Stoxx Banks Europe Index 1.1.2003–31.12.2003 UBS registered share DJ Stoxx Banks Europe Index 1.1.2001–31.12.2003 130% 120% 110% 120% 100% 110% 90% 100% 80% 90% 70% 80% 60% 70% 50% January February March April May June July August September October November December 3.2001 6.2001 9.2001 12.2001 3.2002 6.2002 9.2002 12.2002 3.2003 6.2003
Load more

Recommended publications
  • Next Practice Exchange Events
    Next Practice Exchange Events C-suite executives have access to IMD’s exclusive portfolio of roundtables for best practice exchange. Each event features keynote speakers who are experts in their fields, and provides ample time for high-level networking over a formal business dinner and cocktail buffet lunch. Currently IMD hosts five annual roundtables: » Chief Executive Officers Roundtable: This high-level, confidential gathering provides a forum where CEOs can openly exchange and learn from other global peers. » Chief Digital Officers Roundtable: CDOs debate around pertinent topics such as digital business transformation. » Chief Financial Officers Roundtable: CFOs share best practice and discuss various issues such as interacting with the audit committee, working with financial institutions and deal structuring. » Chief Marketing Officers Roundtable: CMOs convene to exchange experiences in the areas such as pricing, branding, customer insights, execution and marketing strategy. » Chief Learning Officers Roundtable: CLOs, global heads of management development and VPs of human resources tackle critical L&D issues at the individual, corporate, and global levels. © 2017 IMD - International Institute for Management Development. Not to be used or reproduced without permission. Corporate Learning Network | www.imd.org/CLN Next Practice Exchange Events 2017 By invitation only Chief Learning Officers Roundtable June 7-8 Lausanne, Switzerland Chief Digital Officers Roundtable September 20-21 Lausanne, Switzerland Chief Financial Officers Roundtable
    [Show full text]
  • Corporate Governance Report
    ANNUAL REPORT 2017 Corporate Governance Report Partners Group is committed to meeting high standards 1. Group structure and shareholders of corporate governance, with the aim of guiding the firm 2. Capital structure to further success. Partners Group bases its corporate 3. Board of Directors governance on the “Swiss Code of Best Practice for Corporate 4. Executive Committee Governance” issued by economiesuisse and on the “Directive 5. Global Executive Board on Information relating to Corporate Governance” issued by 6. Compensation, shareholdings and loans the SIX Exchange Regulation. With entities regulated in various 7. Shareholders’ participation rights jurisdictions, including the Swiss Financial Market Supervisory 8. Changes of control and defense measures Authority (FINMA), the U.S. Securities and Exchange 9. Auditors Commission (SEC), the Financial Conduct Authority (FCA) and 10. Information policy the Monetary Authority of Singapore (MAS), we further uphold 11. Non-applicability/negative disclosure the requirements that these regulations imply. The corporate governance section contains information on the following: In this Corporate Governance Report, references to “Partners Group”, “Partners Group Holding”, the “firm”, the “company”, the “entity”, “we”, “us” and “our” are to Partners Group Holding AG together with its consolidated subsidiaries, unless the context requires otherwise. 1 Partners Group Colorado Propco, LLC was formed for the sole purpose of purchasing and owning land and property for Partners Group‘s permanent office in Colorado, USA. As of 28 February 2018. The purpose of the chart above is to provide an overview of the group structure of Partners Group Holding AG and its subsidiaries/affiliates. The ownership percentages reflected in the chart are meant for illustrative purposes and are rounded.
    [Show full text]
  • Draft AGM Speech April 19, 2006
    You & Us - UBS at the service of clients, shareholders and the community Speech by Marcel Ospel, Chairman of the Board of Directors, at the Annual General Meeting of Shareholders of UBS AG in Basel on 19 April 2006 Valued Shareholders Ladies and Gentlemen A well-known Swiss social democrat recently complained in a magazine article that Switzerland's business community no longer loves its country. Big multinationals are only interested in money and do not care about the common good. There is no commitment to the state, to work, or to the welfare of the community. What brought this man to his conclusion was his analysis of the press conferences held to announce the financial results of the major Swiss corporations Novartis, Roche, Nestlé, UBS and Credit Suisse, all of which presented record profits. In one respect, he is certainly right: business is about money. We need money in the form of equity capital to secure our firm over the long term and to finance the investments necessary for growth. Money is what investors seek as a return on their investment and what employees want in return for their work. And, ultimately, money is what the state is looking for, in order to fund services and infrastructure. Looked at in this way, there is nothing to complain about, provided all those involved are compensated appropriately. It is certainly no exaggeration to say that our firm – UBS – currently lives up to the full financial expectations of its various stakeholders. We have yet another very successful year behind us. Our business was boosted by positive developments in the financial markets.
    [Show full text]
  • UBS-Konzernchef Wuffli Muss Gehen KOMMENTAR Verwaltungsrat Setzt Sich Über Nachfolgepläne Ospels Hinweg Auch Starbanker Z Ü R I C H
    AZ 3900 Brig • Samstag, 7. Juli 2007 • Nr. 155 • 167. Jahrgang • Fr. 2.20 Aaron Autoelektro - Garage 3902Brig-Glis Tel. 027 922 47 87 Fr. 6’969.- Elegante Mobilität ohne Fahrausweis www.walliserbote.ch • Redaktion Telefon 027 922 99 88 • Abonnentendienst Telefon 027 948 30 50 • Mengis Annoncen Telefon 027 948 30 40 • Auflage 27 127 Expl. UBS-Konzernchef Wuffli muss gehen KOMMENTAR Verwaltungsrat setzt sich über Nachfolgepläne Ospels hinweg Auch Starbanker Z ü r i c h. – (AP) Unter wenig sind entbehrlich transparenten Umständen hat die Grossbank UBS am Frei- Kommunizieren gehört nicht tag ihren Topmanager ersetzt. zu den Stärken von Grossban- Peter Wuffli musste seinem ken. Das mag damit zu tun ha- Stellvertreter Marcel Rohner ben, dass Bankgeschäfte in al- weichen. Präsident Marcel ler Regel diskret ablaufen. Ospel, der sich von Wuffli be- Schon gar nicht werden Perso- erben lassen wollte, unterlag nalien in aller Öffentlichkeit im Verwaltungsrat und will ausgebreitet. Darum liegt es noch mindestens drei Jahre auch in der besten Bankpra- bleiben. Nach offizieller Dar- stellung hat der völlig überra- xis, wenn der abrupte Abgang schende Chefwechsel weder von UBS-Konzernchef Peter mit einem Zerwürfnis über die Wuffli nur mit ein paar dürren Strategie des weltgrössten Floskeln kommentiert wird. Vermögensverwalters noch Diese, im speziellen Fall kaum mit Verlusten oder Leichen im noble, Zurückhaltung öffnet Keller zu tun. Wufflis Leistun- jetzt natürlich allen Spekula- gen – er führte die UBS in den tionen den Weg. Das bringt vergangenen sechs Jahren auf aber kaum Licht in die nebulö- Rekordkurs zurück – wurden se Angelegenheit. denn auch ausdrücklich ver- dankt. Denn wenn über Nacht der Der mitten in der Nacht zum Verwaltungsrat die Sicher- Freitag bekannt gegebene heitsleine zieht und der Bank- Wechsel ist gemäss Ospel be- chef den Bürotisch räumen reits Ende letzter Woche in muss, tauchen zwangsläufig Valencia am Rande des Ame- Fragen über Fragen auf.
    [Show full text]
  • Annual Report 2007
    Annual Report 2007 1 | Strategy, Performance and Responsibility 2 | Risk, Treasury and Capital Management 3 | Corporate Governance and Compensation Report 4 | Financial Statements Contents Introduction 2 Corporate governance 3 Introduction and principles 4 Group structure and shareholders 5 Capital structure 7 Board of Directors 9 Group Executive Board 16 Compensation, shareholdings and loans 20 Shareholders’ participation rights 37 Change of control and defense measures 39 Auditors 40 Information policy 42 Regulation and supervision 44 Compliance with New York Stock Exchange listing standards on corporate governance 47 Senior leadership 50 More about UBS 53 Sources of information 54 Corporate information 55 Contacts 56 1 Introduction Introduction This year we have changed the structure of our annual re- Financial Statements 2007 port. Based on feedback from users, our annual report now This comprises the audited financial statements of UBS for consists of four themed reports. These combine audited and 2007, 2006 and 2005, prepared according to the Interna- non-audited information. tional Financial Reporting Standards (IFRS). It also includes Together, the four reports make up UBS’s full Annual Re- the audited financial statements of UBS AG (the parent port 2007 and replace the former Financial Report, the bank) for 2007 and 2006, prepared according to Swiss bank- Handbook and the Compensation Report. They comply with ing law. Additional disclosure required by Swiss and US regu- the US disclosure requirements for foreign private issuers as lations is included where appropriate. defined by Form 20-F of the Securities and Exchange Com- mission (SEC). In addition to the four reports, Review 2007 is distributed broadly to UBS shareholders and contains key information The four reports are: on our strategy and financials.
    [Show full text]
  • 34898 SULLIVAN Br Cv.Qxd
    Case: 12-4355 Document: 118 Page: 1 05/10/2013 934663 109 12-4355-cvTo Be Argued By: ROBERT J. GIUFFRA, JR. IN THE United States Court of Appeals FOR THE SECOND CIRCUIT CITY OF PONTIAC POLICEMENd’S AND FIREMEN’S RETIREMENT SYSTEM, (“PONTIAC”), ARBEJDSMARKEDETS TILLAEGSPENSION, (“ATP”), UNION ASSET MANAGEMENT HOLDING AG, (“UNION”), COUNSEL OF THE BOROUGH OF SOUTH TYNESIDE acting in its capacity as the administering authority of the Tyne and Wear Pension Fund, Plaintiffs-Appellants, INTERNATIONAL FUND MANAGEMENT, S.A., (LUXEMBURG), WILLIAM L. WESNER, TEAMSTERS UNION LOCAL 500 SEVERANCE FUND, (“TEAMSTERS”), Plaintiffs, (caption continued on inside cover) ON APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, 07-cv-11225 BRIEF FOR THE UBS DEFENDANTS-APPELLEES ROBERT J. GIUFFRA, JR. MATTHEW A. SCHWARTZ JUSTIN J. DECAMP THOMAS C. WHITE SULLIVAN & CROMWELL LLP 125 Broad Street New York, New York 10004 (212) 558-4000 Attorneys for the UBS Defendants-Appellees Case: 12-4355 Document: 118 Page: 2 05/10/2013 934663 109 OREGON STATE TREASURER and THE OREGON PUBLIC EMPLOYEE RETIREMENT BOARD, ALASKA LABORERS-EMPLOYERS RETIREMENT FUND, Movants-Appellants, —against— UBS AG, PETER A. WUFFLI, CLIVE STANDISH, DAVID S. MARTIN, MARCEL OSPEL, MARCEL ROHNER, MARCO SUTER, WALTER STUERZINGER, RAMESH SINGH, HUW JENKINS, JAMES STEHLI, JOHN COSTAS, MICHAEL HUTCHINS, DEUTSCHE BANK AG, BNP PARIBAS, CREDIT SUISSE, J.P. MORGAN SECURITIES LTD., MORGAN STANLEY & CO. INTERNATIONAL PLC, GOLDMAN SACHS INTERNATIONAL, DEUTSCHE BANK AG, LONDON BRANCH, UBS SECURITIES LLC, ERNESTO BERTARELLI, STEPHAN HAERINGER, GABRIELLE KAUFFMAN- KOHLER, SERGIO MARCHIONNE, ROLF A. MEYER, PETER VOSER, LAWRENCE A. WEINBACH, JOERG WOLLE, HELMUT PANKE, PETER SPUHLER, Defendants-Appellees.
    [Show full text]
  • Corporate Governance Report
    ANNUAL REPORT 2018 Corporate Governance Report Partners Group is committed to meeting high standards of 1. Group structure and shareholders corporate governance, with the aim of guiding the firm to 2. Capital structure further success. Partners Group prepares its Corporate 3. Board of Directors Governance Report according to the “Directive on Information 4. Executive Committee relating to Corporate Governance” issued by the SIX Exchange 5. Global Executive Board Regulation and also takes into account the “Swiss Code of Best 6. Compensation, shareholdings and loans Practice for Corporate Governance” issued by economiesuisse. 7. Shareholders’ participation rights With entities regulated in various jurisdictions, including the 8. Changes of control and defense measures Swiss Financial Market Supervisory Authority (FINMA), the 9. Auditors U.S. Securities and Exchange Commission (SEC), the Financial 10. Information policy Conduct Authority (FCA) and the Monetary Authority of 11. Non-applicability/negative disclosure Singapore (MAS), we further uphold the requirements that these regulations imply. The corporate governance section In this Corporate Governance Report, references to “Partners contains information on the following: Group”, the “firm”, the “company”, the “entity”, “we”, “us” and “our” are to Partners Group Holding AG together with its consolidated subsidiaries, unless the context requires otherwise. 1) Partners Group Colorado Propco, LLC was formed for the sole purpose of purchasing and owning land and property for Partners Group‘s permanent office in Colorado, USA. As of 22 January 2019 (Partners Group). The purpose of the chart above is to provide an overview of the group structure of Partners Group Holding AG and its subsidiaries/affiliates. The ownership percentages reflected in the chart are meant for illustrative purposes and are rounded.
    [Show full text]
  • Transparency Report to the Shareholders of UBS AG
    Transparency report to the shareholders of UBS AG Financial market crisis, cross-border wealth management business, liability issues and internal reviews Contacts Investor Relations Hotline Zurich +41-44-234 4100 Hotline New York +1-212-882 5734 UBS AG, Investor Relations P.O. Box, CH-8098 Zurich, Switzerland [email protected] www.ubs.com/investors Media Relations Zurich +41-44-234 8500 [email protected] London +44-20-7567 4714 [email protected] New York +1-212-882 5857 [email protected] Hong Kong +852-2971 8200 [email protected] Shareholder Services Hotline +41-44-235 6202 Fax (Zurich) +41-44-235 3154 UBS AG, Shareholder Services P.O. Box, CH-8098 Zurich, Switzerland [email protected] Imprint Publisher: UBS AG, Zurich and Basel, Switzerland Language: English and German SAP-No. 83436E © UBS 2010. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. Printed in Switzerland on chlorine-free paper with mineral oil-reduced inks. Paper production from socially responsible and ecologically sound forestry practices. Foreword by the Board of Directors Dear Shareholders, Dear Readers, A number of recent events have given rise to heightened public that have been raised in public: Who is responsible for the bank’s interest in the inner workings of UBS – the enormous losses in- losses and for its inappropriate conduct in the US? Should the curred in connection with the global financial crisis, legal dis- responsible persons be punished and, to the extent possible, putes with US authorities, and the rescue efforts undertaken by compelled to make good the damage that was caused? How the Swiss Confederation and the Swiss National Bank.
    [Show full text]
  • FJHE8H75LJ3K4GENI1LE.Pdf
    ffirs JWBK082-Maude June 8, 2006 11:27 Char Count= 0 Global Private Banking and Wealth Management The New Realities David Maude iii ffirs JWBK082-Maude June 8, 2006 11:27 Char Count= 0 vi ffirs JWBK082-Maude June 8, 2006 11:27 Char Count= 0 Global Private Banking and Wealth Management i ffirs JWBK082-Maude June 8, 2006 11:27 Char Count= 0 For other titles in the Wiley Finance Series please see www.wiley.com/finance ii ffirs JWBK082-Maude June 8, 2006 11:27 Char Count= 0 Global Private Banking and Wealth Management The New Realities David Maude iii ffirs JWBK082-Maude June 8, 2006 11:27 Char Count= 0 Copyright C 2006 David Maude. Published 2006 by John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England Telephone (+44) 1243 779777 Email (for orders and customer service enquiries): [email protected] Visit our Home Page on www.wiley.com All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except under the terms of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1T 4LP, UK, without the permission in writing of the Publisher. Requests to the Publisher should be addressed to the Permissions Department, John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England, or emailed to [email protected], or faxed to (+44) 1243 770620.
    [Show full text]
  • Handbook 2002/2003 Ab
    ab Handbook 2002/2003 The Concept: Gardens Tofuku-ji (Kyoto, Japan) We have chosen a number of distinct gardens from around the Laid out in 1939 by Mirei Shigemori, a famous garden builder, the gardens were world as the pictorial theme for our annual reporting products this arranged in four quarters around the Hojo, one of the main buildings in the year. Gardens are the product of imagination, expertise and careful Tofuku-ji Temple. Originally founded in 1235 and reconstructed in 1890, attention to detail. Celebrated gardens evolve from inspired ideas Tofuku-ji was the head temple of the Rinzai sect of Zen Buddhism. When he that are developed with consistent and relentless dedication over designed the garden, Shigemori’s intention was to combine the simplicity of years – and even generations. Zen during the Kamakura period with the abstract constructions of modern art. Site of Reversible Destiny-Yoro Park (Gifu, Japan) Barnsley House Garden (Cirencester, Gloucestershire, UK) Located in a section of Yoro Park, the Site of Reversible Destiny, which Designed in the early 1950s by Rosemary Verey (OBE), a leading exponent of opened in 1995, is an innovative park and architectural “intervention” the classic English Arts and Crafts country garden style, Barnsley House conceived by artists Shusaku Arakawa and Madeline Gins. Their intention Garden is a four and a half acre garden bounded on three sides by a high 18th was to illustrate the concept of deconstruction by using the traditional idea century wall which divides the garden into different areas of interest. Set of a garden as a labyrinth for a series of physical meetings.
    [Show full text]
  • Basel Ii Implementation in the Midst of Turbulence
    BASEL II IMPLEMENTATION IN THE MIDST OF TURBULENCE BASEL II IMPLEMENTATION IN THE MIDST OF TURBULENCE CHAIRMAN: FREDERIK C. MUSCH FORMER SECRETARY-GENERAL, BCBS CHAIRMAN, GLOBAL FINANCIAL SERVICES REGULATORY PRACTICE PRICEWATERHOUSECOOPERS RAPPORTEUR: RYM AYADI SENIOR RESEARCH FELLOW, CEPS WITH CONTRIBUTIONS FROM: MARIA NIETO, BANK OF SPAIN MATHIAS SCHMIT, SOLVAY BUSINESS SCHOOL CEPS TASK FORCE REPORT JUNE 2008 The Centre for European Policy Studies (CEPS) is an independent policy research institute in Brussels. Its mission is to produce sound policy research leading to constructive solutions to the challenges facing Europe. The views expressed are entirely those of the author. This report is based on discussions in the CEPS Task Force on the Implementation of the New Basel Capital Accord and the Remaining Challenges and was complemented by substantial internal research. The members of the Task Force participated in extensive discussions in the course of several meetings in 2005-06, and submitted comments on earlier drafts of the report. Its contents convey the general tone and direction of the discussions, but its recommendations do not necessarily reflect a common position reached by all members of the Task Force. Nor do they represent the views of the institutions to which the members, the rapporteur and her fellow contributors belong. A list of participants and invited guests and speakers appears in the final appendix at the end of this report. The rapporteur of the Task Force is Dr Rym Ayadi, Senior Research Fellow and Head of the Financial Institutions and Prudential Policy research unit at CEPS. She wishes to thank Maria Nieto and Mathias Schmit for their valuable written contributions to the Task Force Report, Frederik C.
    [Show full text]
  • GV-Referat Peter Wuffli
    "You & Us" – a successful business strategy, highly qualified employees and an attractive corporate culture Speech by Peter Wuffli, Group Chief Executive Officer, at the Annual General Meeting of Shareholders of UBS AG in Basel on April 19, 2006 Ladies and Gentlemen Valued Shareholders Marcel Ospel has already spoken to you about “You & Us", the central theme of our meeting today. He looked at what this means for our relationship with clients, investors and society in general. Now I would like to explain how we put this motto into practice every day at UBS with the help of our integrated business model, our motivated employees and our values. To outsiders, the financial services industry may often seem dry and boring. That’s probably because they associate it mainly with money and numbers. Now I have to admit that I am fascinated by numbers – especially when they are as good as they were this year. But there is of course a human side to banking: taking care of clients by providing them with services and financial advice. Financial services has always been a people business. And what better way to express this than with "You & Us"? The slogan “You & Us” has so far been used primarily as the message of our global advertising campaigns. But this message is also very important and relevant internally, for our staff. Not only do our employees work in close cooperation and partnership with our clients across geographical and organizational boundaries in order to serve them and thereby create value. They are also clients and shareholders themselves.
    [Show full text]