The global wealth management arm of UBS saw its assets under management in Asia dip lower despite recording positive net new assets.
Invested assets at UBS Global Wealth Management’s (GWM) Asia Pacific unit totaled $641 billion in the first quarter of 2024, according to the bank’s financial results, down 0.6 percent compared to end-2023. The slight dip occurred despite recording $6.4 billion in net new assets in the region.
Globally, UBS GWM’s total invested assets grew 3 percent quarter-on-quarter to over $4 trillion, driven by positive make performance of $127.5 billion and net new assets of $27.4 billion which was partly offset by negative foreign currency effects of $47.3 billion.
Higher Profit
Pre-tax profit in APAC increased 25.5 percent year-on-year to $315 on the back of a 40 percent surge in total revenue to $948 million. This was mainly driven by the consolidation of Credit Suisse revenues and increases in transaction-based income.
UBS GWM's pre-tax profit fell 9 percent to $1.1 billion worldwide, primarily due to higher operating expenses. Overall, UBS Group registered a pre-tax profit of around $2.4 billion, up 58.9 percent year-on-year.
