July 22, 2013 / 12:58 PM / 5 years ago

Knight Vinke says still fears for UBS wealth business

LONDON (Reuters) - UBS shareholder Knight Vinke Asset Management said possible losses in the Swiss bank’s investment banking arm remained a threat to its “very valuable” wealth business, despite posting forecast-beating second quarter profits on Monday.

The U.S. based activist investor, which has called for a break-up of the bank’s investment banking and wealth management unit, said it would seek a meeting with the UBS board, after additional talks with fellow investors conclude in the third quarter.

UBS’s second-quarter profit beat forecasts even though it agreed to settle a lawsuit with the U.S. housing regulator over the mis-selling of mortgage-backed bonds, boosting shares in Switzerland’s largest bank to two-year highs.

Reporting by Sinead Cruise, editing by Tom Bill

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