13.29 +0.12 (0.91%)
Pre-Market: 4:32AM EDT
|Bid||13.27 x 27000|
|Ask||13.29 x 27000|
|Day's Range||13.09 - 13.21|
|52 Week Range||11.60 - 16.97|
|Beta (3Y Monthly)||1.06|
|PE Ratio (TTM)||11.21|
|Forward Dividend & Yield||0.70 (5.79%)|
|1y Target Est||15.71|
Rich Asians came to the rescue of UBS Group AG in the first quarter after Chief Executive Officer Sergio Ermotti’s dire outlook on market conditions sent investors into shock and investment banking revenue plummeted. Fresh inflows and better than expected profit were the bright spots in a quarter that saw a slump at the investment bank and weakness at UBS’s asset management unit. The CEO has been hit by a slew of bad news as of late, ranging from investor discontent with his strategy to the departure of his former investment bank head to a $5 billion penalty in a French tax case.
UBS reported a 64 per cent plunge in first-quarter profit at its investment bank as revenue from its core equity trading and advisory businesses fell sharply, adding to pressure on long-serving chief executive Sergio Ermotti. The Swiss bank blamed “reduced client activity and deleveraging driven by lower market volatility” for the 22 per cent decline in equities revenue and a “lack of private transactions” for the 48 per cent fall in the advisory and capital markets division. Overall, the investment bank made a pre-tax profit of $221m compared with $619m in the same period of 2018.
The pan-European Stoxx 600 was down around 0.15% during early morning deals, with most sectors and major bourses in negative territory. Nokia reported a surprise quarterly loss on Thursday, citing tough competition in its core networks business. Shares of the Finnish telecom network equipment maker tumbled more than 9% on the news.
UBS, Switzerland's biggest bank, on Thursday posted a $1.14 billion (£882.9 million) net profit for the first quarter of 2019 as a pickup in market conditions dampened a hit to trading revenues and client activity. The 27 percent drop in earnings still beat the median net profit estimate in an Infront Data poll for a 46 percent slide to $848 million. "The first quarter of 2019 was characterised by challenging market conditions, which improved towards the end of the quarter and into April," Chief Executive Sergio Ermotti said in a statement.
Net income for the first quarter came in at $1.1 billion, versus $848 million expected in a Reuters poll of analysts. UBS UBSG-CH reported a 27% fall in net profit for its first quarter, compared to the same period the year before, with the Swiss bank citing challenging market conditions.
Jason E. Stephens, CFP ®, Managing Director and co-founder of The Stephens Group at UBS Private Wealth Management, has been named #4 in South Florida on the 2019 Forbes/SHOOK Best-in-State Wealth Advisors list. This year's Forbes/SHOOK Best-In-State Wealth Advisors list spotlights over 3,000 top advisors across the country who were nominated by their firms—and then researched, interviewed and assigned a ranking within their respective states. Each advisor, selected by SHOOK Research is chosen based on an algorithm of qualitative and quantitative criteria including in-person interviews, industry experience, compliance records and assets under management.
UBS Financial Services has recently announced its annual list of its “Top Financial Advisors under 35.” Two advisors from the Newport-San Diego market have made it onto the prestigious list: Earl B. (Bryan) Thompson III of the downtown San Diego branch and Kalyn Maher-Walker of the Carmel Valley branch. “UBS is committed to delivering comprehensive advice to help our clients achieve what’s truly important to them, and to establish this philosophy with our advisors from the moment they begin working with us,” says Chris Marsh, market head for the Newport-San Diego market. “We believe in recognizing excellence among our financial advisors, especially these younger advisors who have shown an outstanding level of dedication to their clients’ needs, as well as loyalty to the firm.
Talks about a potential tie-up between DWS Group and UBS asset management have been going on for some time but finding an agreement is complicated because Deutsche Bank isn’t willing to give up control of DWS, the people said. UBS has been considering a merger with DWS and that DWS has been in talks with the Swiss bank as well as other asset managers including Amundi SA and Axa SA about various forms of partnerships including joint ventures, Bloomberg reported this month.
This week European banks will start reporting quarterly results. Given the region’s weakening economy, record-low interest rates and continued uncertainty over Brexit, the figures are expected to paint a grim picture of the sector’s health.
Bankers on Wall Street have always tended to look for an edge in old-fashioned ways: a firm handshake, an expensive suit, an invitation for a client to a top sporting event. The next frontier is the “primary” side of the banks’ capital markets businesses, which helps companies issue debt and equity. Bank of America Merrill Lynch, for example, has spent time collecting and cleaning up internal information on initial public offerings it has managed, and fed the 50-gigabyte data set into a machine-learning tool it calls “Predictive Intelligence Analytics Machine”, or Priam.
The talks have been going on for two months, the newspaper reported, adding that if the deal were to materialise, the combined business would have just over 1.4 trillion euros (1.21 trillion pounds) of assets under management. A structure under consideration is for UBS to hive off its asset management business and fold it into DWS, which is mostly owned by Deutsche Bank, the newspaper said. Earlier this month, Bloomberg reported that UBS was evaluating options for its asset management business, including a partial sale or merger of the business.
The asset management arms of Deutsche Bank AG and Swiss bank UBS Group AG are in "serious" merger talks, the Financial Times reported https://on.ft.com/2KTifYC on Tuesday, citing people familiar with the discussions. The talks have been going on for two months, the newspaper reported, adding that if the deal were to materialise, the combined business would have just over 1.4 trillion euros ($1.57 trillion) of assets under management. A structure under consideration is for UBS to hive off its asset management business and fold it into DWS, which is mostly owned by Deutsche Bank, the newspaper said.
Discussions about a deal have been ongoing for “a couple of months” and one structure being considered is for UBS to split off its asset-management unit and fold it into Deutsche Bank’s DWS Group in exchange for shares in the larger group, according to the report. Deutsche Bank would remain the largest shareholder, the report said. Representatives for UBS and DWS declined to comment on the Financial Times report.
UBS Financial Services Inc. will add to the burgeoning economic development in Detroit with a new 11,000 square feet branch office in the historic downtown Woodward shopping district. It will open with ten Financial Advisors overseeing $2.6 billion Assets under Management.
As China cracks open the door further to its massive financial market, a handful of foreign firms are pulling ahead of the pack.
The asset management arms of Deutsche Bank and UBS are in serious talks to merge, according to people close to the discussions, in a deal that would create a new European champion in the investment industry. If completed, the merged asset manager would leapfrog France’s Axa and the UK’s Legal & General and create a rival to France’s Amundi, Europe’s largest money manager with just over €1.4tn under management. One structure being considered would see UBS hive off its asset management unit, which oversees €700bn, and fold it into Deutsche’s DWS in exchange for shares in the larger group.
UBS Asset Management retained its position as the top-performing foreign fund house in China for a second year while three hedge fund managers also shot to prominence, the fourth annual analysis of the market published by Z-Ben Advisors showed. The Shanghai consultancy ranked Invesco as the second-best foreign manager in the world’s fastest-growing asset management market, relegating JPMorgan Asset Management and Schroders to third and fourth places respectively. for global asset managers over the next decade but complex choices face international players that want to build a presence in a rapidly changing market that is forecast to grow from $5.3tn to $9tn by 2023.
GAM moved closer to drawing a line under the problems that have engulfed the Swiss fund manager with a deal to sell about £600m of bonds that will complete the liquidation of funds at the heart of its crisis. The news from the Zurich-based group sent its shares up 14 per cent on Wednesday. , a London-based investment director who oversaw the group’s SFr11bn absolute return bond funds (ARBF).
Former House Financial Services Committee Chairman Jeb Hensarling this month joined a private-sector enterprise in the finance industry — giant bank UBS, in his case.
Swiss investment bank UBS is slated to merge its debt capital markets (DCM) and leveraged capital markets (LCM) units into a single global entity, according to an internal memo obtained by LPC, a unit of Refinitiv. “This step will allow our teams to partner even more closely to provide clients with holistic and comprehensive debt financing solutions, and will allow for more flexible allocation of resources against the opportunity set,” the memo states.
UBS shareholders should oppose discharging the board and top management of Switzerland's biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said. "A vote against the formal discharge of the board of directors and senior management is warranted on a precautionary basis, as the company was recently found guilty of illegal solicitation and laundering the proceeds of tax evasion by a French court," ISS said in a statement received by Reuters on Monday, ahead of UBS's May 2 annual shareholders meeting.