UBS’ wealth management businesses collectively logged SFr5 billion (around $5.4 billion) in inflows over the final quarter of the year, the Swiss bank said, noting robust inflows in regions such as Asia as well as a lessening of the negative impact of the recent strength of the Swiss franc
UBS’ wealth management businesses collectively logged SFr5 billion (around $5.4 billion) in inflows over the final quarter of the year, the Swiss bank said, noting robust inflows in regions such as Asia as well as a lessening of the negative impact of the recent strength of the Swiss franc. For the banking group as a whole, quarterly profits fell sharply.
For the full year, wealth management pre-tax profits rose 16 per cent year-on-year in wealth management to SFr2.7 billion; for its wealth management Americas arm, full-year profit was SFr504 million, representing a turnaround from a loss of SFr130 million in 2010, UBS said in a statement.
Switzerland’s biggest bank made no reference to last year’s $2.3 billion loss caused by unauthorised trading at the firm’s London-based investment bank. The UK and Swiss regulatory authorities have announced they have started enforcement activities against UBS and the firm has said it is co-operating with authorities. Last September, Oswald Grübel resigned as chief executive and was eventually replaced by senior UBS manager Sergio Ermotti. The bank has subsequently announced it will significantly reduce risk exposures by its investment banking operations.
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