UBS is preparing to cash in its stake in Julius Baer, which it received as part of the sale of its asset management and private banking businesses to the Swiss group in December 2005, when a lock-up period runs out in June.

UBS gained a 21.5% stake in the enlarged Julius Baer group as well as Sfr3.8bn (€2.3bn) in cash for the businesses when the deal was completed, with the majority of the stake subject to an 18-month lock-in agreement.