UBS, the world’s second largest private wealth
manager, has seen its assets under management (AuM) continue to
slide through the second quarter of 2010, although client outflows
are slowing.

UBS reported AuM of CHF1.61trn
($1.52trn) in the second quarter of 2010 down 4% from 1.67trn
in the first quarter, when its wealth management divisions are
combined.

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Invested assets – the most commonly use quoted
figure for AuM at UBS – stood at CHF917bn in its Wealth Management
and Swiss Bank (WM&SB) division and CHF693bn in its Wealth
Management Americas division.

Client asset outflows stood at CHF5.2bn for
Wealth Management in the second quarter, down from CHF8bn in the
first quarter. This was despite positive net new money from ultra
high net worth clients and inflows in Asia Pacific.

UBS was until last year the
world’s largest wealth manager, but sustained asset outflows
and the merger of Bank of America and Merrill Lynch has seen it
fall to second place in PBI’s Global Index.

 

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Staffing drops

Financial advisers at UBS’ American wealth
management business dropped 2% from the first quarter of 2010 to
6,760. Net new money outflows were CHF 2.6bn in the second quarter
of 2010 compared with CHF 7.2bn in the first quarter of 2010.

UBS reported 4,112 client advisers across
WM&SB but said this could grow to 4,700 in the medium term – a
large percentage is expected to come from Asia-Pacific where UBS
has expressed ambitious growth plans. The staffing total across its
UBS’ wealth management businesses totalled 43,682.

Wealth management & Swiss Bank staffing
levels dropped by 211 with wealth management Americas reducing its
employees by 326 to a total of 43,682.

UBS said it expected its portfolio management
fee income would be lower than in the second quarter due to the
lower level of invested assets at the end of June.