UBS Clients Pull $15 Billion in Quarter as Margins Decline
- Wealth management flows, margins ‘concerning,’ Citi says
- Pretax earnings more than triple on U.S. brokerage unit
UBS CEO Ermotti: Investors Confident But Awaiting U.S.
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UBS Group AG suffered a net 15.2 billion francs ($15.2 billion) in withdrawals during the final three months of last year, in part because investors moved money out of Switzerland before the government shares their data with tax authorities, a trend that’s expected to continue this year.
The bank fell as much as 3.9 percent in Zurich trading, pulling other wealth managers lower, after saying all of its money management units saw net redemptions last quarter. UBS made just 73 cents in revenue on every $100 it oversees in wealth management, the lowest in the bank’s history, according to analysts at Citigroup Inc. led by Andrew Coombs.