UBS AG, Europe's largest bank by assets, reported record fourth-quarter profit after a gain from the sale of four money-management units and said it may make acquisitions to win more wealthy clients in the US.

Net income more than tripled to 6.49 billion Swiss francs ($4.97 billion), or 6.28 francs a share, from 2.08 billion francs, or 1.97 francs, a year earlier, UBS said last week. Earnings included a 3.7 billion-franc gain from the sale of three private banks and an asset management unit to Julius Baer Holding AG. Profit from continuing operations rose 36 per cent to 2.79 billion francs.

UBS shares fell 1.9 francs, or 1.4 per cent, to 138.5 francs as of 3:17 p.m. in Zurich, giving the company a market value of about 151 billion francs. The stock has gained 44 per cent in the past five years, compared with a three per cent increase in the Bloomberg Europe Banks and Financial Services Index.

UBS said it will boost the dividend to 3.80 francs from 3 francs in 2004 and proposed a two-for-one stock split in July. The bank plans to start its eighth-straight buyback programme in March and may repurchase as much as 5 billion francs of stock.

UBS Global Asset Management are represented in Malta by Crystal Finance Investments Ltd of 6, Freedom Square, Valletta and University Roundabout, Msida.