The wealth management arm of UBS has registered profit before tax of CHF639m in the third quarter of 2015, a decline of 9% compared to CHF707m a year ago.
For the quarter ended 30 September 2015, the unit’s adjusted profit before tax was CHF698m.
The bank said that the unit’s adjusted net new money was CHF3.5bn, excluding net outflows of CHF3.3bn from balance sheet and capital optimization program.
The unit’s total operating income declined 3.4% to CHF1.96bn from CHF2.03bn in the corresponding quarter of 2014. Total operating expenses were CHF1.31bn compared with CHF1.32bn a year ago.
Wealth Management Americas delivered an adjusted profit before tax of US$ 268m in the third quarter of 2015. Net new money inflows were US$ 0.5bn compared with net outflows of US$ 0.7 billion in the prior quarter.
Asset Management unit reported an adjusted profit before tax of CHF137 million. Excluding money market flows, net new money outflows were CHF 7.6bn, driven by client liquidity needs.
Overall, the groups posted a net profit attributable to shareholders of CHF2.1bn, up from CHF762m a year ago.
UBS CEO Sergio Ermotti said: "I’m pleased with the quarter. We stayed close to our clients in a very challenging environment. Disciplined execution and our diversified business model allowed us to deliver strong returns for our shareholders while continuing to invest in our future."
Also, the banking announced a raft of changes to its Group Executive Board (GEB), the firm’s most senior management body, and to its Board of Directors (BoD).
Robert McCann has been named as chairman UBS Americas. This follows his decision to step down from his current roles as president Wealth Management Americas and president UBS Americas as well as the GEB.
Tom Naratil, currently group CFO and group chief operating officer (COO), will succeed McCann as president Wealth Management Americas and president UBS Americas on the GEB.
Axel Lehmann has been named UBS’ new group COO, while Kirt Gardner, who is currently CFO of Wealth Management, has been appointed as new group CFO and a member of the GEB.