UBS’ U.S. wealth management business showed continued improvement from the depths of the financial crisis with $1.51 billion in revenue for the second quarter, while executives at the Swiss bank continued to deny plans to sell its U.S. wealth division on Tuesday.

“We must have a leading wealth management business in the Americas, Asia Pacific and Europe and Middle East regions, which represent the greatest opportunities for growing our wealth management franchise, which also means, as I have said before, that our wealth management business in America is not for sale,” UBS Group Chief Executive Officer Oswald Gruebel said during a presentation of UBS’ second quarter earnings.

Overall, UBS reported CHF1.7 billion in profit before tax and CHF1 billion in net profit attributable to UBS shareholders. The improved performance of UBS’ U.S. wealth management business came as profits also improved at its global wealth management, retail and corporate businesses.

UBS Wealth Management Americas’ second quarter revenue gain to $1.51 billion marked a 4% increase from $1.45 billion in revenue in the first quarter and a 12% gain from $1.35 billion in revenue from the second quarter of 2010.

Pretax profit for the U.S. wealth management business jumped to $165 million in the second quarter, up 39% from $119 million in the first quarter and following a loss of $61 million in the second quarter of 2010.

Net new money including dividends and interest fell to $7.9 billion, down from $8.4 billion in the first quarter, a 6% decrease that the firm attributed to annual client income tax-related withdrawals. At the same time, net new money was up by 314% from $1.9 billion in the second quarter of 2010.

Invested assets rose to $774 billion, a 2% increase from the $761 billion for the first quarter and 23% increase from $642 billion in the same quarter one year ago.

Invested assets per financial advisor rose to $113 million, a 1% increase from $112 million for the first quarter and 20% increase from $95 million for the second quarter of 2010.

Revenue per financial advisor rose to $884,000, a 3% increase from $855,000 in the first quarter and a 12% increase from $793,000 for the same quarter last year. With that performance, UBS came closer to closing in on the industry leader in revenue per financial advisor, Bank of America Merrill Lynch, UBS Group Chief Financial Officer Tom Naratil said in the firm’s earnings presentation Tuesday.

“Financial advisor productivity, when measured as revenue and invested assets per advisor, continued to improve in dollar terms,” Naratil said. “We remain the industry leader in invested assets per advisor, reflecting our focus on the high and ultra high net worth segments.”

UBS’ total financial advisor force increased by 51 to 6,862 total for the second quarter, up from 6,811 for the first quarter.