UBS Global Asset Management reported 581 billion Swiss francs ($639 billion) in assets under management as of Dec. 31, down 1.1% from the previous quarter but up 1.2% from the previous year.
The slight drop for the quarter was attributed to negative currency effects and net outflows, which were partially offset by market increases, according to a financial update released Tuesday.
Excluding money market strategies, UBS Global reported net new money outflows from third-party clients of 1.4 billion Swiss francs. In the third quarter, the firm had reported 300 million Swiss francs in net inflows.
The outflows came primarily from the Americas, offsetting net inflows from sovereign clients, according to the report.
Performance fees increased to 49 million Swiss francs in the fourth quarter, up from 43 million Swiss francs the quarter before. The increase was attributed primarily to increases in alternative and quantitative investments and global real estate.
Performance fees in the fourth quarter of 2011 totaled 22 million Swiss francs.