Norway’s $1.4tn sovereign wealth fund has become the biggest shareholder in UBS, as the Swiss lender tries to win over international investors to the benefits of its historic takeover of Credit Suisse.
Norges Bank Investment Management, which runs the world’s biggest sovereign wealth fund, increased its stake in UBS to above 5 per cent this month, having been a shareholder in the group for almost 20 years.
UBS executives have come under pressure over the past six months to prove to investors that they can make a success of the $3.4bn state-orchestrated rescue of former rival Credit Suisse. Many big fund managers are focused on how well UBS negotiates a complex integration process and how early it restarts shareholder returns.
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