Luqman Arnold, the investor campaigning against UBS's proposed appointment of an insider to the role of chairman, has raised his investment firm’s shareholding stake in the embattled Swiss bank and wealth management group. In a statement, Mr Arnold's investment firm, Olivant, said it and its affiliates held more than 1.1 per cent of UBS’s shares. The stake has risen from 0.7 per cent, a spokesman told WealthBriefing. Mr Arnold, a former president of UBS, opposes the proposal by UBS’s board to appoint Peter Kurer, currently the bank’s general counsel, to the role of chairman. The current holder of the post, Marcel Ospel, has announced he will not seek re-election when shareholders meet for the annual general meeting on 23 April. Mr Arnold opposes Mr Kurer’s appointment because he says outsiders unconnected with the bank’s recent history should take the helm at UBS while it tries to rebuild its finances following the credit crunch. Mr Arnold also said that a meeting last week he had with Sergio Marchionne and Peter Voser, two independent directors on the UBS board, had been constructive, but did not elaborate on details. "We had an open and constructive discussion and they gave their commitment that they are taking all of our views into consideration as they prepare for the AGM. I have the highest regard for both men and look forward to hearing what measures the supervisory board will announce at the AGM," his statement said. Meanwhile, Mr Arnold was quoted by the Swiss daily NZZ as saying that UBS is showing no signs of emerging from its crisis. "I still cannot see any light at the end of the tunnel for UBS," Mr Arnold said, adding: "The balance sheet still conceals substantial risks." The bank on Monday announced it has issued a report to shareholders listing UBS's investments and losses in the the US sub-prime residential mortgage sector until 31 December 2007. The document summarises which businesses were affected by the losses, the business models and growth initiatives pursued in those businesses, how the losses developed in the relevant businesses, the implementation of risk management and risk control in those businesses and the key findings related to the causes of the losses.