I do feel we are (shifting) our priorities,

If you asked me now, for example, where our interests lie, I'd say that we'd focus on wealth management businesses. Generally, deals are likely to be smaller and less transformational than they have been in the past,

This is a substantial result in a business when we were literally nobodies four or five years ago.

As in 2004, we have achieved another record level of profit.

As in 2004, we have achieved another record level of profit. Although markets clearly helped us last year, we believe the result also reflects the sustainable earnings power of UBS, based on our client-centric strategy of business focus and growth.

We are therefore optimistic about the outlook for UBS -- for 2006 and beyond.

We have started very well into the third quarter. There is quite a healthy pipeline in the market, ... That makes us confident.

We continue to be interested, we continue to see targets, we continue to analyze and look at opportunities. We do want to invest (in wealth management), ... We do have room for buying back (more shares), but the first priority remains to invest in the business.

Julius Baer's business model is very similar to that of the three private banks and GAM. The sale of the complete unit pays special attention to the preservation of continuity between clients and their advisers creating value for all parties.

When you compare our fixed-income business with some of our competitors, there are some gaps. We do see opportunities to invest into people, in some instances into risk.