UBS Wealth Management Americas remained on track despite taking a hit from the failure of a Puerto Rico bond fund and a drop in client trading, the firm said in its third-quarter earnings announcement.
The division suffered a $17 million trading loss and a $21 million credit loss related to declines in the Puerto Rico municipal market, UBS reported. Transaction revenue also declined as profit fell 11% from the previous quarter to $218 million but remained up 32% year-over-year.
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