UBS has closed on the sale of billions of dollars of primarily subprime and alternative-A U.S residential mortgage-backed securities to a newly created distressed-asset fund that will be managed by the BlackRock investment management firm. "Risk reduction remains a critical part of our ongoing financial restructuring, and this sale is a big step toward further reducing our positions in this asset class," said Marcel Rohner, group chief executive officer of UBS. UBS said it sold positions with a nominal value of about $22 billion to the new fund for an aggregate sale price of approximately $15 billion.
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