UBS’s old strategy under former CEO Ralph Hamers was safe but not particularly rewarding. Its new one under returning boss Sergio Ermotti is exactly the opposite, writes LiamWardProud
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True, the wealth business pulled in about $20 billion of new fee-paying assets in the first quarter. Yet UBS is so big that it’s hard to move the needle: the new money is just 0.7% of total client funds including deposits. Another issue is that private bankers seem to be squeezing less revenue from each dollar they handle. The revenue UBS generates in wealth management fell to 78 basis points of average fee-earning assets in the first quarter, from 82 basis points a year ago.
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