That figure was without North America included, with UBS Wealth Management Americas separately recorded as having added $13.6bn in new money.
Adjusted profit before tax for the main wealth management business was £458m, up £94m from the previous quarter, while the Americas business achieved adjusted profit of $245m compared with $63m in the first quarter.
The Asia Pacific region and the ultra-high net worth segment were the areas which performed most strongly, UBS said.
UBS Asset Management’s numbers went in the other direction however, with an adjusted profit before tax of £79m compared with £110m the previous quarter, partly due to lower performance fees in equities and multi asset funds.
Excluding money market flows, net asset management outflows were £4.2bn including a £5.2bn pricing-related outflow from one client, and £2.7bn of outflows driven by “client liquidity needs.”
Alongside the numbers, UBS said the first quarter performance had to be viewed in context of negative market performance, substantial volatility, underlying macroeconomic and geopolitical uncertainty which resulted “pronounced client risk aversion” and “abnormally low transaction volumes.”
It added that while some of these factors have stabilised recently the underlying macroeconomic challenges and geopolitical risks continue to contribute to client risk aversion and are “unlikely to be resolved in the foreseeable future.”
As reported by Portfolio Adviser, UBS Wealth is currently working on a number of new propositions to be rolled out this year, and is aiming to establish itself as the leading wealth management firm in the alternatives space.
