UBS’s wealth divisions saw mixed results in
the second quarter as its wealth management unit’s pre-tax profit
slumped 37% to CHF502m ($513m) in the three months to 30 June.
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.
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Its wealth management Americas division
recorded a 1% pre-tax profit gain in the same period.
New asset inflows climb
CHF13.2bn
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.
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By GlobalDataThe 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.
Invested assets continue to
climb
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.
As of 30 June 2012, UBS’s wealth management
unit had CHF783bn in invested assets while its American division
had CHF757bn.
