UBS’s asset management division has reported four consecutive quarters of net outflows after the pace of withdrawals from both fixed income, and the equities, multi-asset and O’Connor hedge fund management businesses, picked up in the three months to June 30.

Figures published by the Swiss bank in a document alongside its second-quarter results on July 29 showed that net outflows in fixed income rose from Sfr3.8 billion in the first quarter of 2016 to Sfr4.4 billion in the latest three-month period. This marked the fourth quarter in a row of outflows and compared with Sfr2.4 billion in inflows a year ago.