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UBS CEO Says Wealth Clients Digest Triple Whammy of Shocks

  • Rich customers staying in market but not putting in new cash
  • UBS to continue to grow wealth division in Asia and in the US
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WATCH: UBS CEO Ralph Hamers says clients aren’t panicking.Source: Bloomberg
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UBS Group AG Chief Executive Officer Ralph Hamers said the Swiss bank’s wealth clients are staying invested while holding back from putting new funds to work because of the uncertainty caused by the war in Ukraine and energy crisis. 

Hamers expects greater clarity on the direction of markets within the next three months as the world comes to terms with the aftershocks of the pandemic and the situation in China, as well as soaring energy prices and the Russian invasion, he said in a Bloomberg TV interview from Davos on Tuesday.