Thanks, PaineWebber

摘要

Ubs, the Swiss banking behemoth, grabbed plenty of headlines last July with its buyout of PaineWebber for $11 billion, a sum that came to 4 times book value and 18 times trailing earnings. But the stories largely missed an important reason for UBS' acquiring the fourth-largest brokerage firm in the U.S.: It could teach the world-class custodians of wealth a thing or two about selling financial services to a new breed of affluent Europeans.