UBS Global Asset Management reported 583 billion Swiss francs ($644.1 billion) in assets under management as of Dec. 31, up 1% from the end of the previous quarter and flat compared with a year earlier.
Positive market performance of 16 billion francs was partly offset by net outflows of 7 billion francs and 6 billion francs in negative currency translation, according to the bank's financial update released Tuesday.
Performance fees for the fourth quarter were 72 million francs, up 148% from the third quarter and up 47% from the year-earlier quarter.
Higher performance fees were attributed to the single-manager hedge funds in the bank's hedge fund unit, O'Connor, and Alternative and Quantitative Investments multimanager hedge fund platform. Performance fees also increased in traditional investments and global real estate, according to the statement.