UBS shed CHF33.2 billion in client assets in
the fourth quarter, taking its outflows for the year of CHF101.3
billion ($94.69 billion), 6.3 percent of 2008 year-end assets.
The 2009 net new money figures are only
slightly better than those of 2008, when CHF123 billion (5.4
percent) was moved out of the bank by clients. In percentage terms
the 2009 figures are worse, because wealth management assets under
management (AuM) at the start of 2008 were higher, at CHF2.3
billion. The bank incurred CHF8.5 billion of client outflows as
Italian clients repatriated their assets following a tax amnesty in
the country, due to end in April.
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UBS CEO Oswald Grübel described the fourth
quarter outflows as “disappointing”. The former Credit Suisse
chief, who was brought out of retirement to turn around the bank’s
fortunes, said the bank was now profitable across all divisions for
the first time since the start of the financial crisis.
Wealth management made a fourth quarter net profit of CHF1.109
billion, up 40% on last year. Overall net profit at the bank was
CHF1.205 billion.
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