GENEVA—Swiss banking giant UBS said Tuesday that it took in $28 billion in new money from wealthy clients in the first three months of the year, with $7 billion of that coming in the 10 days after the announcement it was taking over ailing rival Credit Suisse.
Zurich-based UBS, which is set to become Switzerland’s single banking titan after the merger closes in the coming months, said it also drew $14 billion in new money to its asset management business.
“Our performance this quarter demonstrates that we continue to be a source of stability for our clients during periods of significant uncertainty,” said CEO Sergio Ermotti, who came back to UBS last month to shepherd the Credit Suisse takeover. “Our strong flows across global wealth management and asset management reflect our clients’ continued confidence and trust in us.”…