UBS’s Asia wealth unit has bounced back after two consecutive quarters of declines, reporting significant growth in assets under management (AUM) for the third quarter of 2024. UBS Global Wealth Management’s AUM in the Asia-Pacific region reached USD678bn, up from USD627bn in the previous quarter and USD611bn in the same period last year, bolstered by net new assets of USD7.3bn. The region’s pre-tax profit surged by USD154m to USD286m, with total revenues increasing 13% to USD919m due to higher transaction-based income, recurring net fee income, and net interest income. The cost/income ratio improved from 84.2% to 69.4%. Globally, UBS’s AUM grew 18% year-on-year to USD4.3tr, despite an operating loss of USD204m from integration expenses and purchase price allocation adjustments.