UBS's wealth management co-head Iqbal Khan said the Swiss private bank is experiencing a turnaround with expectations of positive asset flows for the third quarter.
In terms of client asset flows, UBS had a strong first quarter, a slowdown in the second quarter defined as an «anomaly» and expectations of a rebound in the third quarter, according to a «Reuters» report citing UBS wealth co-head Iqbal Khan.
«As of this quarter we are seeing positive flows,» Khan said during the BofA Global Research conference, adding that he was confident about the bank’s goal of boosting net new fee-earning assets by 5 percent.
Organic Growth
Following the canceled $1.4 billion deal to acquire US robo-advisor Wealthfront, UBS will rely on organic growth to achieve its ambitions. Within Asia, this includes focusing on the mass millionaire segment with a new dedicated team launched for Greater China last month.
Khan joined UBS in 2019 and will become the wealth division’s sole head next month after fellow co-head Tom Naratil steps down.
