ZURICH—UBS struck a confident tone on Tuesday, reaffirming key financial targets and pledging more share buybacks next year, buoyed by higher interest rates and strong wealth management inflows.
The world’s biggest wealth manager reported a smaller-than-expected 24 percent slide in third-quarter net profit, with lower costs and rising interest income helping to mitigate the impact of turbulent financial markets.
The Swiss bank attracted $17 billion in net new fee generating assets in wealth management and $18 billion of net new money in asset management, with strong performances from all major regions.
“The focus in the results should fall on the very positive net new money in Wealth Management,” said analysts at ZKB….