When adjusted to include CHF237m pension credit and restructuring charges, adjusted pre-tax profit at UBS’s wealth management unit fell by 13% to CHF503m.
Its wealth management Americas division recorded a 1% pre-tax profit gain in the same period.
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Net new money (NNM) assets at the world’s second largest wealth manager picked up further from the first quarter across both divisions, rising by 21% to CHF13.2bn.
The bank added that NNM in the wealth management businesses almost doubled to CHF9.5bn on the back of continuing strong inflows from Asia-Pacific, emerging markets, Switzerland and global high net worth clients.
NNM at its Americas unit decreased 17% when dividends and interest were included to $3.8bn during the second quarter.
Impressive figures in the first quarter for invested assets – the most widely quoted figure for assets under management (AuM) at UBS – improved further this quarter, going up by CHF400bn to CHF1.54trn across the two wealth management divisions.
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By GlobalDataAs of 30 June 2012, UBS’s wealth management unit had CHF783bn in invested assets while its American division had CHF757bn.
Source: Private Banker International
