UBS posts pre-tax profits but also huge outflows

UBS’ Global Wealth Management & Business Banking division has posted pre-tax profits of SwFr 1.861 billion.

UBS’ Global Wealth Management & Business Banking division has posted pre-tax profits of SwFr 1.861 billion in third quarter 2008, but the unit also saw total net new money outflows of SwFr 49.3 billion.

The massive outflows from wealth management are now SwFr 64.8 billion for the year to date, compared with last year when SwFr 124.6 billion flowed in to the bank’s wealth management division.