UBS GAM reports CHF15bn outflows in Q3

UBS Global Asset Management has reported a total of CHF15bn (€13.8bn) outflows in the third quarter of 2015 largely from lower margin passive products, driven by client liquidity needs.

These have been partly offset by net inflows into multi-asset, predominantly from the Americas, UBS GAM explained.

Excluding money market flows, the company’s net outflows have amounted to CHF7.6bn (-€7bn) whereas the firm recorded CHF8.3bn (€7.6bn) net inflows in Q2 2015.

Q3’s losses mainly concern third parties with CHF7.9bn outflows recorded, compared with net inflows of CHF5.3bn at end June 2015.

Net inflows from clients of UBS’s wealth management businesses were CHF0.3bn compared with CHF3bn and were mainly from equities, largely from clients serviced from Europe and alternatives, predominantly from clients serviced within Switzerland, UBS GAM reported.

Money market net outflows were CHF 0.9bn (-€0.83bn) compared with net inflows of CHF0.7bn (€0.64bn) in Q2 2015.

Assets under management of UBS GAM have dropped to CHF635bn (€585.2bn) from CHF650bn (€599bn), down 2% quarter-on-quarter and year-on-year.

UBS GAM highlighted a negative market performance of CHF23bn and net new money outflows of CHF9bn, partly offset by positive currency translation effects of CHF 16bn.

As at 30 September 2015, indexed strategies accounted for CHF190bn of the total invested assets (30%) while 9% were invested in money market funds and the remaining 61% were managed in active and non money market strategies.

Furthermore, UBS Group has reported a net profit of CHF2.07bn (€1.90bn), up 171% year-on-year and up 71% quarter-on quarter.

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