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UBS Warns of Headwinds After Clients Pull $13 Billion in Quarter

  • Bank cites rising geopolitical, trade tensions and volatility
  • UBS sees almost $8 billion of outflows in global wealth unit
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Ermotti discusses earnings, global risks and assets under management in a Bloomberg Television interview.Source: Bloomberg
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UBS Group AG warned that the worst may not be over after clients pulled $13 billion in assets during a market meltdown in the final months of 2018.

Increased volatility, rising protectionism and geopolitical tensions are still weighing on investors, which will hit wealth and asset management revenue in the first quarter, the Zurich-based bank said Tuesday. Withdrawals at the key global wealth management unit totaled almost $8 billion in the fourth quarter, with clients removing another $5 billion from asset management.