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Alternatives 71% of new UBS institutional assets

GLOBAL – More than 70% of the new institutional assets at UBS’s asset management arm in the second quarter were inflows into its alternative and quantitative business.

UBS Global Asset Management gained a total of 7.6 billion francs (4.9 billion euros) in new institutional assets in the period, with the alternative and quantitative business attracting 5.4 billion francs, or 71% percent of the total.

It also had “significant net new money inflows” in equity and fixed income mandates – mainly in the UK and Asia-Pacific. A year ago it had total net institutional inflows of 1.1 billion francs.

Total institutional assets under management at the arm have risen 14% to 338 billion francs over the prior-year period and are at their highest level since 2000.

Pre-tax profit at the unit was 131 million francs, down nine percent from the first quarter but up 47% from a year ago.

The bank said: “The effect of the strong inflows of net new money from existing as well as new clients combined with our positive investment performance were partially offset by the appreciation of the Swiss franc against major currencies.”

It added: “The Global Asset Management business continues to perform well, with this quarter’s result the second best since 2000.”

“This quarter, strong asset-based fees from our wealth management and asset management franchises, alongside the progress of our corporate client franchise, have helped us balance lower securities revenues,” said chief financial officer Clive Standish.

Overall UBS reported a 28% net profit of 1.97 billion francs.

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