UBS "reprioritises" commodity business

Today's deal, which could give AIG up to a further $135 million depending on the earnings of the businesses over the next 18 months, will bring UBS commodity index swaps and funded notes based on the benchmark Dow Jones-AIG Commodity Index.

The Zurich-based firm's latest acquisition is part of its plans announced in October to "reprioritise its business portfolio" by strengthening its securities and advisory businesses, while exiting from riskier businesses including commodities, with the exception of precious metals and index and exchange-traded products.

As part of this process, UBS agreed the sale of part of its commodities portfolio to Barclays Capital on Friday 16 for an undisclosed sum, while on December 22, 2008, the Swiss firm sold its entire Canadian-based commodities energy business and its Global Agricultural businesses to JP Morgan, also for an undisclosed fee.

See also: Former UBS executives return bonuses
Swiss National Bank to take $60 billion in UBS assets

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