UBS Global Asset Management reported overall assets under management of $2.08 trillion in the second quarter, down 5.5% from the first quarter and 16.8% lower than a year ago.
Institutional client outflows of $40 billion drove the decline, with decreases in fixed income and equity. However, $32 billion in gains were posted in alternatives, real estate and quantitative investments.
Parent UBS reported investors had removed $15.9 billion from its two wealth management businesses in the quarter while UBS Global Asset Management had net outflows of $22.5 billion.
Second-quarter diluted earnings per share for parent UBS were down 17 cents compared to a $5.26 per share loss in the first quarter and a profit of $2.36 per share in the second quarter last year.
UBS also announced it will separate its business divisions into three independent groups: private banking, investment banking and global asset management. The UBS brand name will continue to be used by all divisions, according to a news release.
