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BW Businessworld

UBS Client Inflows Jump

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UBS reported a big rise in client inflows in the first quarter on Tuesday, attracting the most money for its wealth management arm since the financial crisis began.

Switzerland's biggest bank saw inflows of 11.1 billion Swiss francs ($11.55 billion) at its core wealth management unit in the quarter after they were flat the previous three months and following continued big outflows in the first half of 2010.

"I am particularly pleased by the increase in net new money, confirming the return of client trust and confidence," Chief Executive Oswald Gruebel said in a statement.

Clients pulled nearly 400 billion francs from the world's second-largest wealth manager in recent years after UBS was bailed out following huge writedowns on toxic assets and was hit by US charges that it helped wealthy Americans dodge tax.

(Reuters)


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finance banking ubs swiss bank financial crisis