1
                                                                    EXHIBIT 23.2

                        CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the captions "Selected Historical
Financial Data" and "Experts" and to the incorporation by reference in the
Registration Statement on Form F-4 of UBS AG for the registration of Common
Shares, par value CHF 10 per share, of our report dated January 31, 2000, with
respect to the consolidated financial statements and schedules of Paine Webber
Group Inc. included or incorporated by reference in its Annual Report (Form
10-K) for the year ended December 31, 1999.


                                                               ERNST & YOUNG LLP

New York, New York
September 20, 2000