{
}
UBS shares surged to a new annual high, trading at CHF 29.06, following strong third-quarter earnings and progress in the integration of Credit Suisse. Analysts praised the bank's performance, noting it exceeded profit forecasts for the third consecutive quarter and is ahead of schedule on cost-cutting plans, now targeting USD 7.5 billion in reductions by the end of 2024. Most analysts continue to recommend UBS shares as a buy, highlighting a positive outlook and commitment to dividends and share buybacks.
UBS shares rose 1.4% to 28.88 Swiss francs, reaching their highest level since the 2008 financial crisis, following strong quarterly results and positive integration progress with Credit Suisse. The bank reported a billion-dollar profit, exceeding market expectations, with all sectors, except wealth management, performing well. Analysts view the outlook and client activity as promising, highlighting UBS's potential as the world's largest asset manager.
UBS shares rose 1.4% to 28.88 francs, reaching their highest level since the 2008 financial crisis, following strong quarterly results that exceeded market expectations. The bank reported significant profits and positive year-on-year earnings, with all sectors, except wealth management, performing well. Analysts noted the successful integration of Credit Suisse and a positive outlook for client activities.
UBS shares rose 1.4% to 28.88 Swiss francs, reaching their highest level since the 2008 financial crisis, following strong quarterly results that exceeded market expectations. The bank reported significant profits across most sectors and highlighted the successful integration of Credit Suisse, boosting investor confidence. Analysts view the outlook positively, noting the potential of UBS as the world's largest asset manager.
The upcoming U.S. elections could significantly impact the Swiss financial sector, with experts predicting varied outcomes based on whether Kamala Harris or Donald Trump wins. A surprising result, such as a Trump victory with a unified Republican Congress, may lead to increased U.S. budget deficits and rising Treasury yields, affecting global markets. Conversely, a divided Congress would likely reassure financial markets by limiting presidential spending power and reducing uncertainty.
Switzerland remains the top offshore financial center, managing $2,174 billion in cross-border assets, but faces increasing competition, particularly from the UK, with only an $8 billion lead. Factors such as the Credit Suisse crisis, a tarnished image of neutrality, and stricter regulations threaten its position, prompting calls for pragmatic reforms to maintain competitiveness. The overall offshore market is stagnating, reflecting broader challenges in the industry.
Swiss asset manager GAM has opened its second U.S. office in Miami to enhance its reach to international clients, particularly in North and Latin America. The office will be led by Alejandro Moreno, who has been with GAM since 2022, and will also feature Charissa Pal as Business Development Manager, bringing over 20 years of industry experience. This new location aims to strengthen GAM's collaboration with its New York office and other regional branches to cater to the growing demand from international customers.
Investors are increasingly favoring emerging market funds that exclude China, driven by concerns over geopolitical tensions and the perceived risks associated with the Chinese economy. This shift has led to a surge in "ex China" funds, which have attracted $10bn in net inflows this year, as clients seek greater exposure to markets like India and Taiwan. Political motivations, particularly among US investors, are influencing this trend, with some pension funds divesting from Chinese assets due to national security concerns.
In August 2024, significant leadership changes occurred in the Asia-Pacific wealth management sector, including the appointment of a new CEO for DBS in Singapore and key roles at Eastspring Investments, Lighthouse Canton, and Emirates NBD. Notable hires included Ashwin Jayaram at Julius Baer and Tomoko Ueda at BlackRock, while VP Bank closed its Hong Kong office, focusing on Singapore. Other firms like Capital Group and Federated Hermes also made strategic appointments to enhance their regional presence.
Assenagon has expanded its sales team with the appointment of Marc Fankhauser as Sales Director in Zurich, effective October 1, 2024. Fankhauser, who specializes in advising German-speaking clients, brings extensive experience from Evooq and Vontobel, along with a Chartered Alternative Investment Analyst (CAIA) qualification. He is the fifth sales hire this year, reflecting the company's growth and increased demand for client support in a competitive market.
Vontobel Holding AG
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS shares hit new annual high amid strong earnings and integration progress
Swiss Franc
Vontobel Holding AG
Jefferies Financial Group Inc.
UBS AG
CS Baumann
JPMorgan Chase & Co.
The Goldman Sachs Group, Inc.
CHE
Michael Klien
Goldman Sachs
Andreas Venditti
Show more
09:59 30.10.2024
UBS shares rise as strong quarterly results and Credit Suisse integration impress
Swiss Franc
JPMorgan Chase & Co.
Vontobel Holding AG
UBS Group AG
Credit Suisse Group Ltd.
CHE
Kian Abouhossein
Andreas Venditti
Show more
09:14 30.10.2024
ubs shares rise on strong quarterly results and credit suisse integration progress
Swiss Franc
JPMorgan Chase & Co.
Vontobel Holding AG
UBS AG
Credit Suisse Anlagestiftung
CHE
Kian Abouhossein
Andreas Venditti
Show more
09:14 30.10.2024
UBS shares surge as strong quarterly results and Credit Suisse integration impress
Swiss Franc
JPMorgan Chase & Co.
Vontobel Holding AG
UBS Group AG
Credit Suisse Anlagestiftung
CHE
Kian Abouhossein
Andreas Venditti
Show more
09:14 30.10.2024
us elections impact on swiss financial sector predictions and insights
09:40 25.10.2024
switzerland's offshore financial dominance at risk amid emerging global competition
Russian Ruble
United States Dollar
British Pound Sterling
Swiss Franc
Vontobel Holding AG
UBS AG
Credit Suisse Anlagestiftung
Deloitte
SGP
USA
RUS
GBR
HKG
BRA
CHN
CHE
Joe Biden
Andreas Venditti
Show more
14:18 23.10.2024
Swiss asset manager GAM expands presence with new Miami office
United States Dollar
Alliance Bernstein Select US Equity Long/Short Holdings LP
GAM Holding AG
UBS AG
Vontobel Holding AG
CHL
URY
USA
Alejandro Moreno
Charissa Pal
Show more
11:40 23.10.2024
investors shift to emerging market funds excluding china amid rising tensions
Chinese Yuan
Russian Ruble
United States Dollar
Euro
BlackRock, Inc.
Tobam Bitcoin Equilibrium FUND
JPMorgan Chase & Co.
Morningstar, Inc.
Polar Capital LLP
Franklin Templeton Aggressive Model Portfolio FUND
Vontobel Holding AG
UKR
USA
TWN
CHN
IND
RUS
Naomi Waistell
Larry Fink
Michael Field
Roula Khalaf
Ron DeSantis
Show more
05:00 23.10.2024
asia pacific wealth management sector appointments and changes in august 2024
Euro
United States Dollar
NEBA Private Clients
Vontobel Holding AG
BlackRock, Inc.
DBS Group Holdings Ltd
FINE+RARE Group
Phoenix Property Investors
Union Bancaire Privee, UBP
The Bank of East Asia, Limited
Nomura International Wealth Management
Lighthouse Canton
Emirates NBD Bank PJSC
Encore Capital Group, Inc.
BNP Paribas Asset Management Group
Citigroup Inc.
Julius Bär Gruppe AG
Deutsche Bank Aktiengesellschaft
VP Bank AG
Federated Hermes, Inc.
Eastspring Investments
KOR
JPN
LIE
MYS
HKG
SGP
CHE
ARE
AUS
Tomoko Ueda
Henrik Aslaksen
Ashwin Jayaram
Jaye Chiu
Teresa Lee
Puneesh Nayar
Stella Xu
Philip Kunz
Stella Lau
Christie Chan
Jose Lau
Kwanghyun Kim
Pamela Phua
Yeo Wenxian
Balaji Prasanna
Dominic Wong
Nick Malik
Elizabeth White
Sameer Deshpande
Charlene Lin
Heline Lam
Florence Wong
Amrit Singh
Ciprian Bratu
Clarabelle Ho
Tan Su Shan
Show more
09:00 22.10.2024
Assenagon strengthens Swiss sales team with new director appointment
18:47 15.10.2024
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Banking Regulations
Finance Mergers & Acquisitions
Global Financial Events
Retail and Consumer Goods
CEO Changes
Industry Mergers & Acquisitions
Central Bank Actions
Global Trade Developments
GDP Growth & Recession Forecasts
Financial Scams and Security
Market Analysis and Predictions
Inflation and Monetary Impact
Government Policies
Government Economic Policies
Workplace Trends
Startups & Entrepreneurship
Supply Chain Management
Countries:
Companies:
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Barclays PLC
Bank of America Corporation
Wells Fargo & Company
Citigroup Inc.
Deutsche Bank Money Market PP
Morgan Stanley
Huawei Technologies CO. Ltd.
Lloyds Banking Group plc
Microsoft Corporation
UBS Group AG
Credit Suisse Lux Digital Healt
Amazon.com, Inc.
Banco Santander, S.A.
Credit Suisse Strategic Income I
NVIDIA Corporation
AXA SA
Currencies:
United States Dollar
Euro
Chinese Yuan
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Russian Ruble
Australian Dollar
Canadian Dollar
United Arab Emirates Dirham
Indonesian Rupiah
Saudi Riyal
South Korean Won
Danish Krone
Offshore Chinese Yuan
Turkish Lira
Hong Kong Dollar
Mexican Peso
Malaysian Ringgit
People: