UBS wealth business sees outflows in setback to growth plans

ZURICH: UBS Group AG chief executive officer Sergio Ermotti earlier this year combined the bank’s wealth management businesses into a super unit managing more than US$2 trillion. So far it’s still to fully deliver on its promise.

For the second straight quarter the business, which counts many of the world’s billionaires among its clients, missed earnings estimates. Clients also pulled about US$9bil of assets from in the Americas, contributing to net outflows and dealing a blow to growth targets. Still, the bank succeeded in boosting profit and bringing down costs from a year earlier.