In October UBS let it be known they were looking for suitors for much of their commodities business, as they wanted to focus primarily on their advisory and securities businesses.
They have started that process as they sold their global agriculture business, along with its Canadian energy operations to J.P. Morgan Chase (JPM).
"We continue to take advantage of opportunities that will further enhance and diversify our global commodities business," said Blythe Masters, head of global commodities for J.P. Morgan. "The addition of these businesses and talented teams further expands our North American energy franchise and provides further depth to our growing agricultural and soft commodities platform."
The Canadian energy side of things was secured through J.P. Morgan acquiring shares in UBS Warburg Energy Holdings, according to a statement from UBS.
The global agricultural business acquired was the "Global Agricultural Commodities" business of UBS based in London.
According to the companies, the deal is projected to close in the first quarter 2009.
UBS plans on keeping the commodities businesses related to precious metals, as well as index and exchange-traded business.
They are pursuing discussions related to all other parts of its commodities businesses not yet sold.
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