UBS Investment Bank EMEA head of media relations David Walker declined to comment on his decision to cut M loose, but a source close to the bank said UBS IB ended its relationship with M two weeks ago.
The Swiss bank has turned its back on retained PR advice and will now use PR support on a project basis only, the source said.
M co-founder Nick Miles said the firm had been engaged to support Walker after he transferred to his London post from the same position in New York now held by Mark Arena. ‘We were brought in at a time of transition, so it is a case of job done,’ Miles told PRWeek.
UBS IB appointed M last year to advise it on how to get coverage for its investment banking work in the media (PRWeek, 21 August 2003).
Formerly known as UBS Warburg, UBS IB rebranded in 2003 and is one of the world’s largest banks by assets under management.
UBS IB acts for many clients, including corporations, governments, private clients and pension funds.
In February, UBS IB’s parent UBS added to its private client management portfolio with the £160m acquisition of Crédit Lyonnais’s private client investment management business Laing & Cruickshank.
In May, UBS posted net profits of nearly £1bn for the first three months of the year. A significant factor was a 115 per cent rise in UBS IB’s pre-tax profits.