Investors added $28bn to UBS amid Credit Suisse turmoil

$14bn added to asset management arm

Investors put $28bn of new money into UBS’ wealth arm in the first quarter of the year as turmoil raged at rival Credit Suisse, before the latter’s eventual takeover.

Releasing its first quarter results today (25 April), UBS said it had attracted $28bn of net new money in global wealth management in the period, of which $7bn came in the final ten days of March, after the announcement of its acquisition of Credit Suisse. UBS brings back former CEO following Credit Suisse takeover UBS agreed to rescue Credit Suisse in a deal pulled together by Swiss authorities last month, after a series of scandals and maladministration at the failed bank. The UBS results also revealed investors had put $14bn into its asset management arm. By comparison to UBS...