Underperformance by some of UBS’s highest fee-earning funds has dragged its asset management division’s profits, despite renewed investor confidence boosting previously feeble inflows.

UBS Global Asset Management received Sfr5.6bn ($6.4bn) in net new client money in the first quarter of the year, according to its interim statement this morning, helping to raise its overall assets under management by Sfr10bn to Sfr569bn.