UBS logoUBS has halted the outflow of client assets in the third
quarter of 2010 but revenues declined 7 and 10 percent respectively
in its wealth management and American wealth divisions.

UBS’s assets under management (AuM) remained
unchanged from the second quarter of 2010 at CHF1.48trn ($1.5trn).
This total is calculated by combining its wealth management and
American wealth division assets only.

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Invested assets static at
CHF1.48trn

Invested assets – the most commonly use quoted
figure for AuM at UBS – stood at CHF787bn in its wealth management
division and CHF693bn in its wealth management Americas
division.

UBS has been beset by problems with US
regulators over the tax details of US clients. This has been one of
the chief causes for its massive client asset losses.

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This month it published a transparency review
that found the Swiss bank failed to appropriately assess the
compliance risk of its US cross-border wealth business.

 

Net new money trickles
back

Inflows of CHF1bn net new money for wealth
management compared with outflows of CHF5.2bn in the previous
quarter

Net new money inflows of CHF0.3bn for wealth
management Americas compared with outflows of CHF2.6bn in the
second quarter.

The bank said it expected its wealth
management units’ return on invested assets to improve to some
degree over the fourth quarter.

Staffing levels increased marginally to
31,842, but the cost/income ratio at its wealth management business
increased 7% to 72.2% and the cost/income ratio for its Americas
business stood at 103%.