Wealth businesses are running out of puff, judging by today’s results from UBS and Deutsche. Future growth in the sector will increasingly depend on private bankers managing their bottom line more successfully than in the past.

At UBS, wealth management client inflows in Swiss, US and international markets fell from Sfr14.7bn in the first quarter ended March to Sfr8.2bn in the second quarter. An 8% rise in the value of the Swiss franc against the dollar gave the bank a large figleaf to hide behind, but the results were disappointing compared to the first quarter bounce.