UBS is currently playing a crucial role in the Swiss equity market. They have been involved in facilitating the activities of activist investor Cevian and have also provided advice to Baloise, a company currently facing pressure from this activist.

UBS's significant fund holdings give them a unique position within the financial landscape, allowing them to have an influence on major Swiss companies. The dual role of UBS in this situation highlights their strategic importance in corporate governance and investment in Switzerland.

This situation emphasizes the complexities of the relationship between large financial institutions and the companies they advise, especially during times of shareholder activism.