Olivant: Stock in trade

Olivant has mislaid its stake in UBS. But it wasn’t a fit of absentmindedness. The 2.78% holding worth about $1.34bn has disappeared in the collapse of Lehman Brothers. Other activists may be in a similar dilemma. The mess highlights the need for clearer practices and rules on stock ownership. The activist investor bought the holding through Lehman Brothers International, the US bank’s London arm, and lodged it with the bank’s prime brokerage operation. When Lehman collapsed, Olivant found it c...