Swiss lender UBS expects to report a pre-tax
profit of at least CHF2.5bn ($2.4bn) for the first quarter of 2010,
its highest quarterly profit since the start of the financial
crisis and well above analyst forecasts.
Net outflows could be positive in the second
quarter of 2010 following a reduction in withdrawals in the first
quarter to around CHF8bn for its wealth management & Swiss bank
groups, representing 0.8% of assets under management.
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The world’s second-largest wealth manager
estimated its first quarter net new money outflows were CHF7bn for
wealth management Americas and CHF3bn for global asset
management.
UBS shed CHF33.2bn in client assets in the
2009 fourth quarter, taking its outflows in fiscal 2009 to
CHF101bn, 6.3% of 2008 year-end assets.
Investment bank Keefe, Bruyette and Woods said
in a note to clients it saw scope for UBS’s substantial re-rating
based on the attractive wealth management-orientated business mix
as market confidence in its turnaround develops.
UBS’s first quarter 2010 results will be
published on 4 May.
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