UBS Global Wealth Management registered growth in net new fee-generating assets in Asia as the broader business benefitted from strong overall inflows, particularly after the announced acquisition of Credit Suisse.
In Asia Pacific, UBS Global Wealth Management (GWM) attracted $5.3 billion of net new fee-generating assets in the first quarter, according to an announcement, marking an increase of 18.8 percent year-on-year. Globally, the bank attracted $19.7 billion of net new fee-generating assets.
In terms of overall inflows, UBS GWM attracted $28 billion of net new money worldwide, which includes $7 billion in the last 10 days of March after the announcement of the Credit Suisse takeover.
Less Invested Assets
Pre-tax profit at the wealth unit fell 7 percent to $1.2 billion with revenues down 2 percent. While net interest income was up 31 percent, this was offset by a 13 percent decrease in recurring net fee income due to negative market performance and FX effects as well as a 12 percent drop in transaction-based income driven by lower activity across all regions.
Total invested assets fell to $3 trillion from $3.1 trillion in the first quarter of 2022.
