UBS’s non-Americas wealth unit, which has become an increasingly important business line for the Swiss bank as it looks to rely less on trading revenues, reported its lowest quarterly profit in two years, partly on the back of "less volatile markets".

Revenues at UBS Wealth Management - which manages money for global clients outsides of America - were down 2% to Sfr1.75bn ($1.9bn) in the fourth quarter, compared to the previous quarter. This was partly due to lower interest rates, which means it takes in less interest income on loans it makes to its wealthy clients, and less "client activity", which means its clients moved their money around less.