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UBS CEO expects wealth, asset management ops to grow by $50B in 2017


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UBS CEO expects wealth, asset management ops to grow by $50B in 2017

UBS Group AG CEO Sergio Ermotti expects the bank's wealth and asset management units to grow by about $50 billion in 2017, Bloomberg News reported Jan. 18.

"In those numbers there's a lot of noise from clients changing their risk profile, their booking centers and so on," Ermotti said.

Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, Ermotti said UBS is selective in taking on new money, amid diminished profitability for banks due to low and negative interest rates. On the other hand, clients have also been less willing to leverage their investments using borrowed money, he said.

Ermotti reportedly noted that the U.S. will be a favorable market for the Swiss lender, given rising interest rates there.

In 2015, UBS wealth management unit's adjusted net new money inflows totaled CHF22.8 billion, with its Americas division adding $21.3 billion, Bloomberg News noted. However, the bank's asset management unit saw outflows in 2015.