** Shares in UBS UBSG.S slip 1.6% to the bottom of the European financial services index .SXFP

** Maurizio Porfiri, Chief Investment officer at Maverix Securities points to comments from CEO Sergio Ermotti on capital markets activity

** "If we don't see the return of capital markets activities and IPOs and so on, it's very difficult to just grow only based on GDP and wealth creation," Ermotti said on Wednesday at the European Financials Conference organized by Morgan Stanley

** A more vibrant or normalised capital markets environment was needed to reach the 15% cycle return target for the UBS investment bank, Ermotti added

** Porfiri adds that says the uncertainty around economic policy is weighing on the M&A business, leading to delays in many deals and depressing the share prices of players such as UBS

(Reporting by Paolo Laudani, Oliver Hirt and Ariane Luthi)

((Paolo.laudani@thomsonreuters.com))