UBS Global Asset Management reported 586 billion Swiss francs ($631 billion) in assets under management as of June 30, down 2.2% from the previous quarter and up 3% from the previous year.
The drop in AUM during the second quarter was attributed to negative currency translation effects of 6 billion francs, market losses totaling 5 billion francs and net new money outflows, according to a financial update released Tuesday.
Performance fees for the second quarter totaled 41 million francs, down from 53 million francs the previous quarter, primarily because of a drop in alternative and quantitative investments, which had had a very strong first quarter.
Performance fees in the second quarter of 2012 totaled 18 million francs.
Separately, UBS announced in the report its intention to freeze its U.K. defined benefit pension plan. UBS spokeswoman Jenna Ward confirmed that active participants received notice in the second quarter that benefits would no longer accrue. She could not provide further information.