UBS Wealth Americas breaks records

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The 7,114 brokers at UBS Wealth Management Americas generated record quarterly revenue of $1.9bn in the three months ending September 30th, largely through selling loans to clients and funneling their assets into packages of mutual funds and other managed accounts.

Reuters reports that UBS AG, Switzerland's biggest bank, said Tuesday that its U.S. brokerage arm contributed 46.7 percent of its global wealth management revenue and 25 percent of wealth management profit in the third quarter.

Productivity grew 9% to an average of $1.08 million per broker during the quarter, as fee income from managed accounts grew 10% to $1.2 billion. Net interest income rose 6% to $276m on higher loan balances.

Net new money in client accounts grew just 1.9 percent on a seasonal slowdown in trading. In a table of 'key performance indicators,' UBS AG said the new money growth was below its 2-4 percent target.

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UPDATE 1-UBS Wealth Americas breaks revenue record

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