UBS wealth management inflows of $27bn stimulate $1.1bn quarterly net profits

Asset management unit posts net outflows

UBS has returned to sustained levels of profitability last seen prior to Credit Suisse acquisition, following two consecutive quarters of underlying profits eclipsing $1bn.

A combination of $27bn net inflows into UBS's global wealth management division and strong transactional activity in investment banking helped to stimulate better than expected profits of $1.1bn in the most recent quarter, according to its quarterly results published today (14 August). Driven largely by the consolidation of Credit Suisse revenues for the full quarter, the high-profile acquisition that completed last year, total revenues for the global wealth management division jumped by 15% to just shy of $6.1bn, with its pre-tax profits reaching just below $871m. UBS revamps wealth ...