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.
It said the loss was mainly due to a "goodwill impairment charge" of CHF191m related to the announced sale of UBS Pactual. The company added, in the first quarter 2009, net new money outflows s...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date