Poll: Should UBS Be Broken Up?

Shares of Swiss bank UBS rose 3.7 percent Friday as activist investor Luqman Arnold called for a restructuring of the company that would include a sale of its asset-management business.

UBS was one of the financial institutions hit hardest by the U.S. subprime lending crisis and its shares are down more than 34 percent year-to-date.

Former UBS chief executive Arnold seeks to oust the newly named chairman, sell off asset management and the Brazilian division Pactual, and place the rest into a holding company with a view to selling investment banking and reducing the group to its wealth management rump.

"UBS's reputation has been comprehensively destroyed by proprietary trading activities totally divorced from any client business," Arnold said in a letter on Friday.

Arnold's investment group, Olivant, said it controlled over 0.7 percent of UBS's capital. That would make him one of the top 10 investors in the world's largest wealth manager.

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-- Reuters contributed to this report