Assets under management from UBS' Asia wealth business inched lower in the second quarter of 2024, despite recording positive net new money.
UBS Global Wealth Management invested assets in Asia totaled $627 billion in the second quarter of 2024, according to the bank’s financial results, down from $641 billion in the previous quarter. The decrease occurred despite recording $8.2 billion of net new assets in the region.
Globally, invested assets grew $15 billion quarter-on-quarter to reach nearly $4.04 billion.
Profit Growth
The Asia wealth business saw profits increase by $162 million year-on-year to $310 million for the second quarter. This included a 24 percent growth in revenues to $903 million, driven mainly by the consolidation of Credit Suisse's revenues and increases in transaction-based income which was partly offset by lower net interest income. The cost/income ratio improved from 76.7 percent to 66 percent.
The wealth management business globally recorded a pre-tax loss of $311 million. Overall, the group posted a pre-tax profit of $1.5 billion for the second quarter and $3.8 billion for the first half of 2024.
