UBS hopes to boost wealth management profits through private markets, digital client engagements

AS global uncertainties push clients to the sidelines, Zurich-based bank UBS is working to revive profits for its wealth management business by engaging its clients with digital content and private market products.

The bank’s global wealth management segment had disappointed with a first-quarter profit before tax of US$1.31 billion, down 7 per cent year on year.

This fall was led by a 19 per cent decline in transaction-based income, to US$954 million, which the company attributed to weak sentiment.