UBS losses and exposure troubling - sizeable
By Neil Behrmann
May 2008:- Net outflows from UBS’s Global Asset Management unit amounted to16.5 billion Swiss francs ($15.6 bn) in the first quarter, following an outflow of 16.2 billion ($15.3 bn) in the fourth quarter of 2007. Of this amount withdrawals from institutional clients amounted to 9.6 billion Swiss francs ($9bn). Outflows were from equity strategies, some multi-asset mandates, fixed income, hedge funds and other alternative investments. Only money market funds experienced some inflows.
Proprietary trading results ghastly
Trading results in most fixed income, currencies and commodities (FICC) areas “were very weak” with losses of 19.1 billion Swiss francs ($18 bn) in the three months ended March compared with losses of 16 billion Swiss francs ($15bn) in the December quarter. This included proprietary trading losses in credit strategies, poor commodity trading revenues and a decline in equity proprietary trading revenues in all regions. Derivatives revenues also declined.
UBS also detailed the following losses and exposures:
UBS Horror Story
Copyright © www.marketpredict.com. All Rights Reserved.
Content on the site is copyright of Marketpredict.com and its writers. Reproduction of this publication's copyright material is not permitted in web, electronic, printed or any other form without the written consent of the publisher. See Dangers of Flouting International Copyright Law For syndication rights please email email@example.com. This site is for information purposes only. The publication neither recommends nor advises on the investment and trade in currencies, bonds, stocks, commodities, futures, options, other derivatives, funds or any other financial or investment product or instrument. All information has been obtained from sources believed to be reliable, but accuracy cannot be guaranteed. Readers are solely responsible for the use of this information. They should not rely on it and should regard it as only one of their sources. They should seek advice elsewhere. The publisher of Marketpredict.com, panellists, other forecasters and contributors disclaim liability for any loss, damage, injury or expense that might arise from the use of the information and services contained herein. For further details on Marketpredict's code of conduct, disclaimers and dangers of flouting international copyright law, please examine Who We Are.
Research & Consultancy
Research & Consultancy
|Code of Conduct
Who we are
© 2006 Command Media