UBS AG’s Wealth Management Americas division swung to a pre-tax profit of $119 million in the first quarter after a $33 million loss in the fourth quarter, while advisor attrition reached its lowest point since before the financial crisis.
The Switzerland bank’s U.S. wealth management business posted $8.4 billion in net new money including interest and dividend income for the quarter. Invested assets rose to $761 billion, the highest level since the first quarter of 2008, due to market performance and net new money inflows.
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