Cevian, known for its activism in the capital of Ericsson, ThyssenKrupp, Pearson and Vodafone, is taking on UBS. The fund has invested around a tenth of its portfolio in shares of the Swiss bank, according to the FT, making it one of the ten largest shareholders. UBS is currently worth CHF 82 billion, or around USD 94 billion.

Cevian boss Lars Foberg calls it "the biggest opportunity in the global financial sector", believing that UBS is valued as a lambda bank when it is in fact a huge asset manager. However, Cevian doesn't intend to make too much noise this time. The FT reports that the fund is not seeking a seat on the board, and is backing the management duo of Kelleher and Ermotti.

Already a shareholder in Nordea

The express takeover of Crédit Suisse has obviously changed the game for UBS, whose share price has already recovered 50% since it took a bite out of its compatriot. The British business newspaper points out that Cevian is not new to the sector, having already invested in Nordea, having previously invested in Danske Bank and Swedbank.