UBS continued its strong recovery in the first
quarter recording a 2% gain from its 2010 year-end results in
invested assets to CHF1.49trn ($1.7trn).
Net new money inflows amounted to
almost CHF15bn as of 31 March, a dramatic turnaround from the
CHF15bn outflows from the first quarter results a year ago.
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UBS’s first quarter results also showed that
its Asia-Pacific wealth management (WM) business, with CHF173bn in
invested assets, now contributes more to its invested assets
portfolio than its home market in Switzerland, where invested
assets totalled CHF171bn as of 31 March.
Back on track
The positive results indicate that UBS’s
long-awaited resurgence looks to be on track with promising
performance indicators highlighted by the Swiss bank, especially in
the US.
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By GlobalDataUBS’s global WM business raked in CHF11.1bn
net new money (NNM) in the three months to 31 March, with positive
gains in all regions except Europe.
The Americas business pulled in CHF3.6bn.
Pre-tax profit at its global WM business
(excluding Americas) stood at CHF645m for the first quarter of
2011, a substantial gain on the fourth quarter of 2010 (CHF462m)
when it paid out CHF40m to reimburse the Swiss Government for costs
in connection with the US cross-border matter.
