UBS, the world's largest wealth manager, registered strong profits in the second quarter of 2021, with earnings expanding by 63% to $2bn. This easily exceeded most analysts' expectations of an increase of $1.35bn. The buoyant performance comes off the back of higher equity valuations globally, as well as a surge in merger and acquisition activity across key developed markets. By mid-July 2021, shares in UBS had increased by about 19% compared with the previous year. EU competition authorities have approved Aon's takeover of Willis Towers Watson in a deal valued at $30bn. If completed, it would create the world's largest insurance broker, although it faces significant headwinds from the US Department of Justice on anti-competition grounds. European approval was granted after the two sides agreed to a set of concessions, including offloading some business units to competitors.
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