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  1. Wealth
May 5, 2009

UBS WM in profit 2Q, but outflows continue

By Spear's

The Wealth Management and Swiss bank division at UBS reported a second quarter in profit, booking a gain of SWFr 1.1 billion for the first three months of the year, from SwFr 0.5 billion the previous quarter. Both the wealth management Americas and global asset management divisions booked losses.

The Wealth Management and Swiss bank division at UBS reported a second quarter in profit, booking a gain of SWFr 1.1 billion for the first three months of the year, from SwFr 0.5 billion the previous quarter. Both the wealth management Americas and global asset management divisions booked losses.

UBS said, however, that the former division would have booked 26 percent less profit as opposed to the preceding quarter, were it not for the impact of a number of provisions relating to the ongoing US legal case. First quarter income fell at the division due to a reduced asset base, while operating expenses rose.

Net outflows at its Wealth Management and Swiss bank division hit SWFr 23.4 billion, down from the SWFr 60.4 billion seen in the final quarter of 2008. The majority of outflows within this division were related to the US legal case, the bank said. However, wealth management Americas reported net new money totaling SwFr 16.2 billion. Within global asset management, new money slowed to SwFr 7.7 billion.

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