UBS Wealth Management Americas adds assets, but pace slows in tough 2022

Last year, UBS Group’s global asset management business in the Americas continued to receive net new client assets, although the amount of cash that clients transferred to accounts was not as strong as in 2021, a terrific year for equities.

UBS reported Tuesday morning that in the Americas, its global wealth management business raised $17 billion in new net commission-generating assets in the 12 months of last year, of which $4.2 billion was generated in the last three months of 2022. .

This compares to the firm’s stunning ending in 2021, with UBS’s global asset management in the Americas adding $21.9 billion in net new commission-generating assets for the quarter ended Dec. 31.

The past two years have been almost a mirror image in the stock market, with the S&P 500 stock index posting a total dividend yield of 28.7% in 2021 but down 18.1% last year.

In the past, such a wild swing in the stock market from one year to the next would have spelled doom for big firms, but asset management companies like UBS have been able to insulate themselves from the stock’s influence on their financial advisors. Net interest income, for example, grew just over $1 billion year-on-year in the bank’s global asset management business.

The bank’s total global wealth management revenue for 2022 was just $19 billion, down from $19.4 billion at the end of 2021, down 2.1%.

Meanwhile, UBS said it had 6,245 financial advisors in the Americas as of the end of last year, up from 6,218 at the end of the previous year, or largely unchanged for the year.

UBS said in a statement that it “hired high-profile consultants in the second half of the year.”

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