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  1. Wealth
March 11, 2009

UBS saw outflows continue in 2008 WM division

By Spear's

Embattled Swiss bank UBS has noted ongoing outflows in its main wealth management division as part of its 2008 annual report.

Embattled Swiss bank UBS has noted ongoing outflows in its main wealth management division as part of its 2008 annual report.

“Net new money remains positive for our Wealth Management Americas division, but this is being partially offset by net outflows in Wealth Management & Swiss Bank. Global Asset Management has also experienced further net outflows,” the bank said.

In February, UBS split its Global Wealth Management and Business Banking division into two new divisions: Wealth Management Americas, and Wealth Management and Swiss banking. The latter forms the larger wealth management unit.

UBS upwardly revised its 2008 losses, from SWFr 19.7 billion to SwFr 20.9 billion, following adjustments to securities valuations, and the addition of a fine related to the ongoing US tax evasion case against it.

For further details, visit thewealthnet
 

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