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NEW YORK (Reuters) -Activist investor Cevian Capital raised its share stake in bank UBS by 9.9% in the second quarter, according to a regulatory filing on Thursday.
Cevian ended June with 48.1 million shares worth $1.63 billion in its portfolio. The fund first disclosed a stake in the Swiss bank in December 2023, betting on a recovery of UBS shares following its takeover of Credit Suisse.
At that time, Cevian managing partner Lars Forberg said the stock had the potential to roughly double its price to 50 francs. On Thursday, they were priced at 32 francs.
(Reporting by Carolina Mandl, in New York;)
