UBS’s wealth divisions continued to lead a steady recovery in
the first quarter with its wealth management unit reporting pre-tax
profit of CHF 803 million, up 70%, and its wealth management (WM)
Americas division recording a 34% pre-tax profit gain in the same
period.

When adjusted to include CHF237m pension
credit and restructuring charges, adjusted pre-tax profit at UBS’s
wealth management rose 24% to CHF578m.

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The world’s second largest wealth manager
also benefited from CHF10.9bn in net new money (NNM) flows across
its wealth divisions.

NNM in the wealth management businesses
this quarter more than doubled to CHF6.7bn due to strong inflows
from Asia Pacific, emerging markets, Switzerland and the UHNW
segments, the bank said.

NNM at its Americas unit also more than
doubled, when dividends and interest are included, to $4.6bn in the
last quarter.

 

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Invested assets continue steady rise

Invested assets, the most commonly quoted
figure for assets under management (AuM) at UBS, were up CHF41bn in
the past three months to CHF1.5trn across its two wealth management
divisions.

UBS’s wealth management unit had CHF772bn
in invested assets as at 31 March 2012, 3% up to CHF22bn since
December 2011, and CHF19bn, 2% down on year-on-year basis.

Its Americans unit reported invested assets of
CHF 728 billion, 3% up in past three months, and 4% higher on a
year-on-year basis.

UBS Group CEO Sergio Ermotti said: “The strong
net new money inflows in our wealth management businesses provide
further clear evidence of the trust our clients place in UBS.”

“We believe our wealth management businesses
as a whole will continue to attract net new money,” the bank added
in a statement.