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Best Wealth Manager: UBS Wealth Management |
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Also nominated: Citi Private Bank and Credit Suisse Private Bank |
In the first quarter of this year, UBS’s pre-tax profit in wealth management was up more than 23%. Net new money more than doubled to SFr6.7 billion ($7 billion). Gross margin was up two basis points to 93bp. It marked the confirmation of the turnaround for the Swiss bank. UBS’s reputation was damaged during the crisis, with big write-downs, a bailout from the Swiss government, and allegations of helping US clients evade taxes.
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