UBS CEO: selling U.S.-based brokerage arm would be mistake

ZURICH (Reuters) - UBS <UBSN.VX> doesn't plan to sell its U.S.-based wealth management arm, the former Paine Webber brokerage, Chief Executive Sergio Ermotti said on Wednesday.

"It has always been my view that it would be a terrible strategic mistake for UBS not to have a significant presence in what is arguably the most important financial centre and wealth management market globally," Ermotti told a gathering of business people here.

(Reporting By Katharina Bart)