Quarterly income within the private banking division stood at £195 million, 11.4% up on the same period of 2017 on asset appreciation, higher lending volumes and increased deposit income.
Services run by Rothschild’s trust business include creating and administering structures that hold all of a wealthy client’s assets, from companies and intellectual property to art collections and aircraft.
UBS delivered strong third-quarter results with reported profit before tax (PBT) up 37% year over year (YoY) to CHF 1,668m and adjusted PBT up 15% to CHF 1,733m.
“Americans living and working in France, particularly High Net Worth Individuals, are facing an increasingly complex tangle of regulatory and reporting requirements.”
Quilter Life Assurance, which saw outflows of £1.5bn, was the main detractor, with all other divisions recording positive flows.
All teams at GAM remain focused on working with its clients. During October 2018, so far, GAM has seen an improving flow trend with net outflows diminishing.