UBS, State Street and BlackRock report quarterlies in past week

UBS is the latest financial juggernaut to report its second quarter results in the past several working days.

The Swiss bank’s asset management arm reported a 10% increase in profits before tax to $135 million (€120 million). This was due to higher operating income.

Assets under management (AUM) reached a record for $831 billion, the bank said on Monday.

Overall for the group, UBS reported a 3% increase in net profit year-over-year and said this was its highest in a second-quarter period since 2010.

Last week both BlackRock and State Street reported their second quarter results.

BlackRock saw $151 billion of net inflows, including “record” fixed income activity, but lower securities lending and performance fees for the world’s biggest asset manager saw a 2% decrease in revenues since the second quarter last year.

The firm’s exchange-traded funds business, iShares, saw its assets under management grow to $2 trillion.

At State Street, Ron O’Hanley, president and chief executive, said the company was “acting with urgency” to adjust to a challenging external environment.

State Street’s asset management business saw $20 billion of net inflows, but at its custody bank a previously reported client outflow primarily contributed to reduced assets under custody and administration, which were down by 3% compared to the second quarter last year.

The firm has increased the amount of expenses it wants to save to $400 million. Its net income was down nearly 20% on the second quarter last year, at $587 million.

©2019 funds europe

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