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Monday, January 12, 2015

Two blue-chip companies drop UBS as corporate broking adviser-FT, (NYSE: BAC), (NYSE: MS), (NYSE: SNN)

UBS Group AG, Switzerland's biggest bank, lost two more blue-chip corporate broking clients, the Financial Times reported, citing people familiar with the situation.British defense contractor BAE Systems Plc and Smith & Nephew Plc, Europe's largest maker of artificial joints, have both dropped UBS as their corporate broking adviser, the newspaper said. (on.ft.com/1xSdTSR)BAE confirmed in an email to Reuters that it had dropped UBS in favour of Morgan Stanley as its corporate broking adviser.Smith & Nephew selected Bank of America Merrill Lynch as one of its corporate brokers along with JPMorgan Cazenove, which will remain as the other broker, the Financial Times reported.

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC fell by 1.79% or $-0.31/share to $16.98. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 74951600 shares of BAC exchange hands on a given day and today's volume is recorded at 84144584.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 1.63% or $-0.61/share to $36.88. In the past year, the shares have traded as low as $28.31 and as high as $39.19. On average, 9468560 shares of MS exchange hands on a given day and today's volume is recorded at 7807533.

Smith & Nephew plc is a global medical devices business operating in the markets for orthopaedic reconstruction and trauma, endoscopy (which includes arthroscopic procedures referred to as sports medicine) and advanced wound management. Shares of SNN traded higher by 0.25% or $0.09/share to $36.40. In the past year, the shares have traded as low as $28.52 and as high as $40.38. On average, 604097 shares of SNN exchange hands on a given day and today's volume is recorded at 507432.



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