PaineWebber Group Inc. of New York has bought DSI International Management Inc., an institutional global equity asset manager based in Norwalk, Conn.DSI, which manages about $5 billion of assets for about 15 institutional clients, will operate as a wholly owned subsidiary of a newly formed holding company, PaineWebber Asset Management Inc. The latter will also hold PaineWebber's Mitchell Hutchins Asset Management Inc., which has $60 billion of assets under management. Terms of the transaction, which closed Wednesday, were not disclosed.

DSI specializes in enhanced index portfolio management, which uses valuation models to weight holdings in various stocks within a certain index.

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