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Art Basel sponsor UBS to close art division

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Swiss bank UBS AG, a sponsor of the Art Basel fair and the world’s biggest wealth manager, is to close a division that advises Swiss clients on investing in art, reports Bloomberg. The news agancy reports that UBS posted a 20.9 billion-Swiss franc ($18.3 billion) loss for 2008, the biggest in Switzerland’s history, and on March 11 said it had an ‘extremely cautious’ outlook for this year, before quoting a bank spokesperson as saying “art banking does not belong to our core activities, so we will discontinue the operation”. Clients interested in art investments will in future be told to consult external advisers. UBS’s sponsorship of Art Basel remains unaffected and is due to continue until 2011.

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