UBS said today that client outflows from its closely-watched wealth management arm decelerated further in the second quarter to SFr5.2 billion (around $4.96 billion), compared with SFr8.0 in the previous three months, while the Swiss bank stated it hoped to reverse withdrawals by the end of this year.
UBS said today that client outflows from its closely-watched wealth management arm decelerated further in the second quarter to SFr5.2 billion (around $4.96 billion), compared with SFr8.0 in the previous three months, while the Swiss bank stated it hoped to reverse withdrawals by the end of this year.
Within the Wealth Management segment, there were net inflows in the Asia Pacific region, from ultra high net worth clients, and in certain European locations, the Zurich-listed bank said. Overall, there was a slightly net outflow in Europe. In Wealth Management Americas, there was a net out outflow of SFr2.6 billion, but far less than the outflow of SFr7.2 billion in the previous three months.
“We continue to see outflows from our cross-border segment and that does impact on Switzerland. As for Europe, there’s still some work to be done there. It is difficult to say when there will be a turnaround – we hope we can see that by the end of the year,” John Cryan, chief financial officer, told journalists in a conference call.
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