UBS Global Asset Management reported 599 billion Swiss francs ($644 billion) in assets under management as of March 31, up 3.1% from the previous quarter and up 7.2% from the previous year.
The increase in assets for the quarter was attributed to market gains of 19 billion francs and positive currency translation effects of 10 billion francs, according to a financial update released Tuesday.
Those gains were partially offset by the reduction in AUM of 7 billion francs as the result of the firm's sale of its Canadian fixed-income, equity and balanced account business to Fiera Capital. UBS also experienced net outflows totaling 3 billion francs.
Performance fees for the first quarter increased to 53 million francs, up from 49 million francs the previous quarter. The rise was attributed to increases in traditional investments, which were slightly offset by decreases in global real estate, and alternative and quantitative investments, all of which had been very strong in the fourth quarter.
Performance fees in the first quarter of 2012 totaled 52 million francs.