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.
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