UBS AG had assets under management of 2.18 trillion Swiss francs ($1.93 billion) as of March 31, a 0.5% increase from the prior quarter but down 21% from the year ago period.
Net global asset management outflows slowed to 7.7 billion francs, from outflows of 27.6 billion francs in the fourth quarter and outflows of 16.5 billion francs the previous year.
The company posted a first-quarter loss of 1.98 billion francs, compared with a 9.56 billion franc loss in the previous quarter and a loss of 11.62 billion francs a year ago in the same period.
The first-quarter losses were driven primarily by risk positions in businesses that it has now exited or is in the process of exiting, UBS said in a statement.
Operating income in the first quarter was 4.97 billion francs, compared with a loss of 4.7 billion francs in the previous quarter and a loss of 4.03 billion francs in the previous year.