PaineWebber Merger Wins Shareholder OK
Most of PaineWebber Group Inc.'s shareholders have approved its proposed merger with UBS A.G., PaineWebber announced last week.
In July, Swiss banking giant UBS announced that it was offering $10.8 billion in a cash and stock deal to acquire PaineWebber, and that the firms had entered into a definite merger agreement in which PaineWebber would become part of UBS Warburg, but would retain its name in the United States.
Recently, 99.3% of PaineWebber's eligible shareholders voted to approve the proposed merger.
"This is a landmark day for clients, employees, and shareholders of PaineWebber," said Donald B. Marron, chairman and chief executive officer of PaineWebber. "We are pleased by the vote and look forward to bringing our clients the benefits of the merger, including a global, diversified product range and expanded opportunities."
Under the merger agreement, PaineWebber shareholders may choose to receive either $73.50 in cash or 0.4954 of any ordinary share of UBS A.G. stock for each PaineWebber common share held.
-- Sheri Carpenter-Kasprzak
Fidelity Offers Online Option to Advisers
Fidelity Investments Institutional Brokerage Group announced last week that, through the fixed-income capabilities of Fidelity Capital Markets, it is presenting to its registered investment adviser clients a new Web-based fixed-income offering system called bondtraderpro.
The new system will offer advisers direct online access to Fidelity Capital Markets' fixed-income securities inventory, which includes tax-free municipal bonds, taxables, and syndicated new-issue bonds.
The bondtraderpro system offers advanced searching, screening, and sorting capabilities that allow advisers to identify the appropriate securities for their clients needs, a statement released by Fidelity said.
The system is presently available through AdvisorChannel.com, the institutional brokerage group's client-only Web site. The system identifies securities based on specific information -- including maturity date, coupon, and yield -- that the adviser enters into the site.
"Working with our partners in Fidelity Capital Markets, we have been able to develop a user-friendly platform that offers our adviser clients the ability to quickly and accurately identify fixed-income securities that meet the needs of their customers," said Jay Lanigan, division executive with Fidelity Investments Institutional Brokerage Group's client group. "Bondtraderpro is a prime example of how IBG is continuously improving its offerings based upon client feedback. It offers advisers the ability to access customized information based on what they want to see, when they want to see it."
-- Sheri Carpenter-Kasprzak
