Reports

Summary Of Latest Wealth Management, Bank Results

Tom Burroughes, Group Editor, Valletta Malta, 10 May 2013

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BNY Mellon

Assets under
management hit a record $1.4 trillion at March 31, 2013, an increase of 9 per cent
compared with the prior year and 3 per cent sequentially. Both increases primarily
resulted from net new business and higher market values, it said, as long-term inflows
totaled $40 billion and short-term outflows came to $13 billion for Q1 2013.
Long-term inflows benefited from liability-driven investments, as well as
equity and fixed
income funds. BNY Mellon reported that investment and other income fell from $139
million in Q1 2012 to $72 million in the first quarter of 2013, while the amount was $116
million in the final quarter of 2012.

Citigroup

Private
banking revenues rose by 5 per cent year-on-year to $629 million in the first three months
of 2013, with growth driven by North America and Asia.
The firm provided few
other specifics on its private bank operations. The bank as a whole, across all
divisions, reported net income for the first quarter of $3.8 billion, or $1.23 per diluted
share, on revenues of $20.5 billion. This compared to net income of $2.9 billion, or
$0.95 per diluted share, on revenues of $19.4 billion for the first quarter 2012.

UBS

The pre-tax
profits at the wealth management arms of UBS both in the Americas and other regions
of the world rose in the first three months of 2013 from the previous quarter,
while new business inflows in some segments rose to pre-2008 crisis highs. At Wealth
Management – the segment not including Wealth Management Americas - pre-tax
profit was SFr664 million ($708.9 million), up from SFr398 million, a 67 per cent
quarterly increase; adjusted pre-tax profit was SFr690 million, up from SFr415 million.

Wealth
Management Americas profit before tax was $251 million compared with a profit before
tax of $216 million in the prior quarter. It reported a record adjusted quarterly
profit before tax of $262 million in the first quarter of 2013 compared with an adjusted
profit before tax of $219 million in the prior quarter. UBS said the profit improvement
reflected a 3 per cent decrease in operating expenses, mainly due to lower charges
for provisions for litigation, regulatory and similar matters. Net new money
continued to be strong and improved to $9.2 billion.

Credit Suisse

Private banking
and wealth management arm logged net revenues of SFr3.303 billion ($3.49
billion) in the first quarter of 2013, a 5 per cent year-on-year fall, while
pre-tax income stood
at SFr881 million. The drop in net revenues was primarily driven by the partial sale
of an investment in Aberdeen Asset Management last year, and lower net interest
income, partially offset by slightly higher recurring commissions and fees. Transaction-
and performance-based revenues were stable compared to a year ago. Among the Wealth Management Clients unit, there was a pre-tax income of
SFr511 million, with stable net revenues of SFr2.250 billion compared to the same
quarter a year ago, reflecting higher recurring commissions and fees and other
revenues, which offset the adverse impact of the ongoing low interest rate environment.

Julius Baer

To be
announced on 15 May, 2013.

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