After the launch of its aggressive recruiting campaign, UBS Wealth Management Americas successfully increased advisor headcount by 118 or almost 2 percent in the third quarter.
Ralph Hamers, UBS's chief executive officer, told analysts that the hiring pipeline remains strong as well for the fourth quarter, according to AdvisorHub. The unit also added a net $4.4 billion in new fee-generating assets, reflecting an annualized growth rate of 2.3 percent, and reversed a 1.6 annualized decrease from the second quarter.
Although headcount and asset flows have improved, UBS Americas' revenue and profit have slipped in the third quarter. According to the company, the unit's profits before taxes decreased year over year by $22 million, or 4 percent, to $537 million. Revenue of $2.661 billion was down by $72 million, or 3 percent year over year, due to lower fee-based income and lower transactional income as volatile markets dampened assets and client activity.
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