Wealthy clients poured $28 billion into UBS during the first quarter as they sought shelter at Switzerland’s biggest bank amid the turmoil gripping rival Credit Suisse.
The Zurich-based lender said that $7 billion of the flows into its wealth management arm had occurred in the last ten days of March, which was after UBS agreed to rescue Credit Suisse in an emergency takeover forced through by the Swiss authorities.
Sergio Ermotti, the UBS chief executive, said the “strong inflows” enjoyed by the group in the three months to the end of March “demonstrate that we continue to be a source of stability for our clients during periods of significant uncertainty”.
However, shares in the bank slid 2.17 per cent after it set aside an extra
