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UBS wealth arm posts £37bn 2013 inflow
by Dylan Lobo on Feb 04, 2014 at 07:41
UBS's wealth management business recorded a Chf54 billion (£36.7 billion) net inflow in 2013.
This was an increase of 14% on the previous year, with the group attributing the performance to strong inflows from Asia Pacific and high net worth investors across the globe.
Adjusted pretax profit in the division was 17% higher at Chf2.4 billion.
This helped the wider bank, which includes the investment and asset management divisions, register a 44% increase in full-year profit to Chf4.1 billion.
UBS expects its wealth management business to play a vital role in its prospects for 2014 as the outlook remains uncertain. The economic tension, it warns, could have a detrimental impact on earnings as traditional improvements in first quarter trading volumes fail to materialise.
In a statement the bank said: 'At the start of the first quarter of 2014, many of the underlying challenges and geopolitical issues that we have previously highlighted remain.
It added: 'The continued absence of sustained and credible improvements to unresolved issues in Europe, continuing US fiscal and monetary policy issues, emerging markets fragility and the mixed outlook for global growth would make improvements in prevailing market conditions unlikely.'
'Despite possible headwinds, we expect that our wealth management businesses will continue to attract net new money, reflecting new and existing clients’ steadfast trust in the firm.'
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