The chief financial officer at UBS struck a cautionary tone today and said it was too early to call a turnaround in the bank’s wealth management division, which has recorded net inflows for the first time in two and a half years.

The wealth management arm of Switzerland's largest bank was hit hard by the financial crisis and later by action taken against it by the US tax authorities. The division has hemorrhaged Sfr195bn (€143bn) in assets since 2008 but today confirmed its private bank had attracted Sf1bn of net new money, excluding the US, in the third quarter.