The asset management division at Swiss bank UBS suffered from a drop in fee income during the first quarter as investors pulled Sfr16.5bn (â¬10.1bn) from the group, which warned that it would continue to struggle in the near term.
Over the first three months of the year, assets under management at the division fell to Sfr765bn (â¬470bn) from Sfr891bn at the beginning of the year, a fall of 14%. The division suffered net outflows of Sfr16.5bn compared to net inflows of Sfr5.3bn in the same period last year.
