“What you have is one of the more impressive turnarounds I've witnessed in all my 30 years in financial services,” Robert McCann, chief executive of UBS Wealth Management Americas, wrote in an internal memorandum sent to financial advisors and seen by Investment News. The firm did not respond to request for comment from WealthBriefing at the time of going to press.

“Leading advisor productivity, solid net new money flows, a winning strategy and strong corporate balance sheet — these are the qualities of a healthy and growing wealth management business, poised for even greater success,” he is quoted as having said.

Wealth Management Americas’ pre-tax profit fell 1 per cent to SFr139 million from SFr140 million, as reported by WealthBriefing earlier this month. Its pre-tax profit in dollar terms rose slightly as higher operating income was “almost entirely offset” by higher operating expenses.

Operating income increased 1 per cent to SFr1.294 billion from SFr1.284 billion as a result of higher net interest and trading income as well as an increase in realised gains on the sale of securities held as available-for-sale. These effects were partly offset by lower transaction-based revenues resulting from lower client activity.

Third quarter net new money was SFr4.0 billion compared with SFr2.6 billion in the second quarter. Financial advisors employed with UBS for more than one year and net recruiting of financial advisors contributed to the improvement in net new money. The gross margin on invested assets in Swiss franc terms increased by 4 basis points to 80 basis points, as income increased 1 per cent compared with a 4 per cent decline in average invested assets.

McCann set a a $1 billion profit target when he took over leadership of the division in 2009.

The report said that UBS advisors have overtaken Merrill Lynch as the most productive group of advisors. Annualised revenue per advisor increased 1 per cent to $895,000, compared with a 4 per cent drop at Merrill Lynch to $854,000.

Two years ago, UBS suffered some client outflows as it wrestled with the aftermath of huge losses linked to the sub-prime mortgage crisis, and a high-profile wrangle over the offshore accounts of wealthy US citizens.