UBS Group today reported a net inflow of new institutional assets for UBS Asset Management of 5 billion Swiss francs ($2.9 billion) during the first six months of the year. This was the asset management firms first net inflow of new client money since 1998, said Peter Wuffli, chairman and CEO.
The firm had 318 billion francs in institutional assets under management at the end of June. This compares with 525 billion francs in institutional assets under management at the end of June 2000, and 20 billion francs in net client losses for the same period.
Figures as of June 2000 exclude assets under management by the firms investment funds business, GAM.
Mr. Wuffli said outflows of client funds peaked during the second quarter of last year and only began to subside toward the end of last year, reflecting the firms restructuring and its performance difficulties.