The wealthy across the globe continue to withdraw money from some of the world’s biggest wealth managers, with UBS and Merrill Lynch suffering large outflows from their wealth units in the third quarter.

UBS announced today that SFr49.3bn of assets was withdrawn from its wealth management and business banking unit in the third quarter, with the bank adding that "a significant part of the outflow taking place in the last few weeks of the quarter". This compared with an outflow of SFr19.3bn in the second quarter.