UBS loses out on institutional money
EUROPE - Swiss bank UBS' asset management saw inflows from institutions in the first quarter fall to CHF2.7bn (€1.6bn) from CHF7bn a year ago.
The bank said institutional money was mainly lost in the equities sector but won in fixed income, multi-asset and alternative investments.
Pre-tax profits for the global asset management business rose 1% to CHF404m mainly because of higher management fees which increased as the bank's asset base widened.
Net profit for the whole banking group was CHF3.3bn, down CHF229m as last year's figures included a CHF290m after-tax gain from sale of financial holding company Motor-Columbus.
Meanwhile, UBS could be put under review at the £725m (€1.1bn) London Borough of Lambeth pension fund.
At its last meeting the pension fund panel noted UBS has been "performing reasonably poorly and has not achieved its benchmark targets over the last 18 months". However, the fund conceded judging over a five-year period the manager had "performed reasonably well".