ZURICH: UBS doubled third quarter profit and set aside US$2.5 billion to return to shareholders next year, a lucrative passing of the baton from CEO Sergio Ermotti to Ralph Hamers, as the Swiss bank reaped the benefits of helping the world's ultra-rich navigate the COVID-19 crisis.
"My only advice is to use the luxury of the fact that we are not under any need to take drastic and quick decisions." Wealth management, meanwhile, upended expectations with an 18 per cent rise in pre-tax profit despite a client shift into lower-margin funds, as clients continued trading and as it wrote US$10 billion in net new loans.
But wealth management is contending with fierce margin pressure as well as rising global competition from powerhouses including US giant Morgan Stanley. Morgan Stanley last week crushed Wall Street profit estimates, with wealth management revenues up 7 per cent, while smaller Swiss wealth management rival Julius Baer on Monday beat expectations on stronger client inflows.
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