UBS reaps $28B in new money amid Credit Suisse fallout

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Swiss bank UBS says it took in $28 billion in new money from wealthy clients in the first three months of the year. The Zurich-based bank said Tuesday that $7 billion of that came in the 10 days after the announcement it was taking over ailing rival Credit Suisse. UBS also says it drew $14 billion in new money to its asset management business. The bank posted net profit of nearly $1.04 billion in the first quarter, down 52% from the same period a year ago despite the new inflows. The client inflows at UBS came in marked contrast to the nearly $69 billion in outflows that Credit Suisse reported Monday for the first quarter.