SWITZERLAND - Pre-tax profit at UBS's asset management division decreased to negative CHF59m (US$52.3m) from positive CHF236m at the end of 2008, according to the Swiss bank 2009 first quarter results.
The company added, in the first quarter 2009, net new money outflows slowed to CHF7.7bn from CHF27.6bn in the fourth quarter of 2008.
Institutional net new money outflows slowed to CHF1.1bn from CHF16.7bn. Excluding money market flows, outflows were CHF9.2bn compared with CHF22.7bn at the end of 2008.
UBS said the cost reduction measures announced in April were under way, from which the asset management will be left unscathed (www.globalpensions.com: 15/04/09).
At the time, UBS said operating expenses were expected to decrease by CHF3.5 to 4bn by the end of 2010.
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