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Article: Switzerland : UBS Private Bank Faces Challenge, Changing Model.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
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Byline: babalu03
Swiss bank UBS AG (UBS) is facing big challenges at its wealth management business, which is suffering from both homemade problems and structural changes in the business of managing assets for the rich, and may see more clients taking their wealth elsewhere in coming quarters.
The Zurich-based bank said clients continued to pull out funds in the third quarter, resulting in net new money outflows of 16.7 billion Swiss francs ($16.2 billion) at its wealth management business, which includes private banking, or managing funds for very rich clients. The bank also lost client assets at its U.S. brokerage business, and from institutional ...