Strong performance in alternatives and quantitative products led UBS Global Asset Management, the fund arm of the Swiss bank, to a threefold increase in pre-tax profits to Sfr144m (€92.8m) in the first quarter, compared to Sfr44m in the same period last year.

In a statement UBS said continued inflows of net new money into equities and alternative mandates and improving market valuations resulted in higher management fees which strongly contributed to the profits.