UBS Global reports assets up 3% in quarter, 12% for 12 months
By Thao Hua | October 30, 2012 1:40 pm
UBS Global Asset Management reported 588 billion Swiss francs ($631 billion) in assets under management as of Sept. 30, a 3% increase from the previous quarter mainly because of market movements, according to a financial update released Tuesday.
The total AUM was 12% higher than the year-earlier period.
Excluding money market strategies, UBS Global Asset Management reported net new inflows from third-party clients of 300 million Swiss francs for the quarter ended Sept. 30, compared with net inflows of 3.4 billion francs for the previous quarter. For the quarter ended Sept. 30, 2011, the firm reported net inflows of 1.5 billion francs.
Performance fees more than doubled to 43 million Swiss francs during the quarter, mainly due to alternative and quantitative investment strategies. As a result, pretax profit grew by 5% to 124 million francs during the quarter, compared with -24.4% for the previous quarter and -26.9% a year earlier.