After two consecutive quarters of declines, UBS’ Asia wealth unit has managed to record strong growth in assets under management.
UBS Global Wealth Management saw assets under management in the APAC region reach $678 billion in the third quarter of 2024, according to the bank’s financial results, driven in part by net new assets of $7.3 billion. This marks an increase compared to $627 billion in the previous quarter and $611 billion in the third quarter of 2023.
The region saw pre-tax profit rise by $154 million to $286 million. Total revenues grew 13 percent to $919 million, driven by higher transaction-based income, recurring net fee income and net interest income. The cost/income ratio also improved significantly from 84.2 percent to 69.4 percent.
Globally, the Swiss private bank’s AUM grew 18 percent year-on-year to $4.3 trillion. It recorded an operating loss of $204 million due to integration-related expenses and the effects of purchase price allocation (PPA) adjustments for common equity tier 1 capital purposes.
