UBS Global Asset Management (UBS GAM) has reported its highest profit before tax in six quarters, CHF 151 million (€125 million).
The profit, released in its third quarter results today, is CHF 44 million higher than in the previous quarter. The figure is adjusted for charges for litigation and similar matters.
Net management fees increased, mainly for traditional investments and also for real estate, though performance fees declined.
The asset manager's net new money inflow of CHF 3.8 billion was below the prior quarter's figure of CHF 11.6 billion.
At group level, the Swiss bank's quarterly profit for shareholders is CHF 762 million, including costs for litigation and regulator matters.
Group chief Executive officer, Sergio P. Ermotti, says: "I am very pleased with our underlying performance for the quarter, which again demonstrates the strength of our franchise. At the same time, we are actively addressing litigation and regulatory matters.
"Three years since introducing our strategy, the business is far stronger, its earnings power is much greater and our absolute and relative capital position speaks for itself. That gives us every confidence in our ability to deliver on our capital returns policy."
©2014 funds europe