UBS’ wealth management arm recorded outflows in Asia although overall assets under management inched higher.
In 2024, UBS Global Wealth Management added $20 billion of invested assets to reach $665 billion in Asia Pacific, according to the bank’s financial results. However, it recorded net outflows of $1.2 billion.
Pre-tax profit in the region increased by $211 million to $271 million, driven by a 15 percent growth in total revenues to $107 million due to increases in transaction-based income, net interest income and recurring net fee income. Cost/income ratio decreased significantly from 92.3 percent to 67.5 percent.
Globally, the wealth business grew invested assets by 9 percent to nearly $4.2 trillion with $17.7 billion of net inflows and registered a pre-tax profit of $867 million, compared to $381 million in 2023.
