UBS/Extel: Conviction call

There’s an old joke about a man faced with rising flood waters who rejects three rescue attempts to put his faith in God instead. When the man arrives in heaven and asks why he was forsaken, God replies: “I sent two boats and a helicopter: what exactly were you waiting for?” UBS is being sent a similar message – albeit from its almighty clients. Fund managers have voted UBS the top pan-European brokerage for equity and equity-linked research. It’s the ninth year in a row the Swiss bank has take...