UBS’ wealth and asset management businesses generated a welcome lack of third-quarter surprises by meeting analyst expectations, thanks to growth in Asian, emerging market and ultra-high net worth business flows offsetting Sfr1.5bn-worth of European mandate losses.

UBS' global wealth business generated a gross net inflows totalling Sfr3.8bn ($4.3bn) in the quarter to the end of September, against Sfr5.6bn in the previous quarter.