UBS Global assets under management down 6.3%

UBS Global Asset Management reported institutional assets under management of 522 billion Swiss francs ($474 billion) for the fourth quarter, down 6.3% from the previous quarter but a 0.6% increase from the fourth quarter 2006. The quarterly decrease in institutional assets was largely because of outflows of 15.3 million francs. Despite the asset decrease, UBS Global had a pretax profit of 476 million francs in the fourth quarter, up 29% from the third quarter, reflecting an increase in performance fees, particularly in the Brazilian asset management business, and alternative and quantitative investments, according to a news release.