UBS: Asia and EMEA Lead Growth as Americas Lag Behind
UBS’s regional results reveal a clear rebalancing in its Global Wealth Management business. Strong inflows from Asia-Pacific and Europe, the Middle East and Africa compensated for subdued performance in the Americas, underscoring the Swiss bank’s increasingly diversified global wealth engine.
UBS’s Global Wealth Management division and its core business recorded $38 billion in net new assets during the third quarter of 2025 – but the regional breakdown shows striking contrasts.
The Asia-Pacific (APAC) region posted one of the strongest performances, adding $9.4 billion in new assets, up 17 percent year-on-year, supported by robust client activity and rising cross-border investments. Europe, Middle East and Africa (EMEA) followed closely with $7.3 billion in inflows, reflecting continued strength in the Gulf and UK markets as investor sentiment improved.
Both regions benefited from higher recurring fee income and elevated transaction-based revenues – up 9 percent in EMEA and 12 percent in APAC – as clients re-entered markets amid greater risk appetite.
Switzerland Steady But Softer
In Switzerland, UBS saw net new assets of $3.2 billion, down slightly from the previous year but still positive across all key client segments.
Invested assets rose 9 percent to $919 billion, supported by market gains, though net new deposits remained negative (-$ 1.8 billion) as clients shifted cash into investment products and short-term instruments matured.
Switzerland remains a cornerstone of UBS’s wealth operations, with a solid 65 percent cost/income ratio and a 15 percent underlying profit increase year-on-year, despite slower deposit growth.
Americas Falter After a Strong 2024
The Americas were the clear weak spot this quarter, recording net outflows of $8.6 billion in client assets and net deposit outflows of $1.7 billion.
The region’s invested assets of $2.28 trillion were flat quarter-on-quarter, while transaction-based income edged up only 5 percent, lagging other markets.
Underlying profit before tax declined 3 percent year-on-year to $416 million, and the cost/income ratio rose to 88 percent – the highest among all regions. However, funds are still flowing out of the bank – mainly because client advisors have left UBS and taken their clients with them.
Global Strategy Playing Out
Overall, UBS’s Global Wealth Management unit closed the quarter with $4.7 trillion in invested assets, up 4 percent sequentially. Fee-generating assets grew across all regions except the Americas, which remained under pressure amid muted trading volumes and client deleveraging.
The latest results reflect UBS’s strategic reorientation: expanding its Asian and European wealth franchises while optimizing profitability in mature markets.
CEO Sergio Ermotti said that UBS’s integration and capital strength give it «a balance sheet for all seasons.» With Asia now a decisive growth driver, UBS’s global wealth model is showing both resilience and renewed regional dynamism.
