UBS Gets Boost From Wealthy Asians as Investment Bank Trails
- Wealth, asset management units attract new money in quarter
- Firm warns lower interest rates will hit lending income
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UBS Group AG got a boost from rich Asian clients in a quarter hit by a poor result at the investment bank and lower income from lending as interest rates have languished.
The key wealth management unit added $15.7 billion new money in the three months through September, helping lift assets overseen for the affluent to a record $2.5 trillion, UBS said Tuesday. While profit beat analysts’ estimates, UBS said it will book a roughly $100 million charge in the fourth quarter to restructure the securities unit, and warned that lower interest rates will continue to squeeze income.