UBS prime brokerage revenues up in Q4
Prime brokerage revenues at UBS picked up in the final quarter of 2016.
The unit, which provides package of services to hedge funds, saw higher activity between October and December.
It helped the investment bank’s equities business post higher revenues of 891m Swiss francs ($892), up from Sfr733m.
Derivatives revenues also increased to Sfr196m from Sfr95m over the quarter due to improved trading performance.
FX, rates and credit businesses experienced weaker activity.
Net profits for the whole of UBS’s investment bank climbed to Sfr344m from Sfr223m in the final quarter of 2015.
Overall, firm-wide pretax profits at the lender, Switzerland’s largest, more than tripled during the course of the three months
Rising interest rates and stocks boosted US wealth management and the securities unit and the firm put less money aside for litigation.
However, the bank suffered outflows in its home market as clients moved money out of Switzerland before the government shares their data with tax authorities.
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