UBS' wealth and asset management arms reported increased profits in the third quarter of this year, contrasting the loss made by UBS as a whole as it prepares to cut 16% of headcount, totalling 10,000 jobs.

UBS' wealth management arm recorded the highest third-quarter net new money for five years, having raised Sfr7.7bn (€6.4bn). Asset flows were positive in all regions, with strong inflows from Asia-Pacific, emerging markets and ultra high net worth clients globally. UBS said the wealth arm's annualised net new money growth rate "remained within target range at 3.9%".