UBS Group Stock Price, News & Analysis

UBS reported its 1Q23 results with a notable decline in profitability, as net profit attributable to shareholders fell 52% year-over-year to USD 1.029 billion, and profit before tax (PBT) was USD 1.495 billion, down 45% YoY. Total revenues decreased by 7%, while operating expenses rose by 9%, largely due to litigation provisions totaling USD 665 million. The cost/income ratio increased to 82.5%. Despite these challenges, UBS attracted USD 28 billion in net new money, highlighting robust client momentum in Global Wealth Management. UBS also suspended share repurchases amid the anticipated acquisition of Credit Suisse, aiming to enhance its global position in wealth management. The firm maintains strong capital ratios with a CET1 capital ratio of 13.9%. Outlook remains cautious due to macroeconomic uncertainties, though higher net interest income is anticipated.

UBS Wealth Management USA has announced that 15 of its Financial Advisors from the Houston, Texas Region have been recognized in the Forbes/SHOOK Research Best-In-State Wealth Advisors list for 2023. This prestigious accolade highlights the advisors' commitment to providing exceptional financial advice and service.

Additionally, the South Central Group, led by Robert Vaughan, has been named a National Association of Plan Advisors (NAPA) Top Defined Contribution Advisor Team for 2022, signifying their excellence in retirement planning advisory services.

This year's Forbes list includes over 7,000 advisors managing nearly $11 trillion in client assets, showcasing the firm’s strong market position and commitment to client service.

UBS announces changes in its executive team in light of the acquisition of Credit Suisse. Christian Bluhm will remain as Group Chief Risk Officer, delaying his transfer of responsibilities to Damian Vogel, who has been appointed as Group Risk Control Head of Integration. This newly formed role will focus on leading risk control integration activities and optimizing the joint Group Risk Control function of UBS and Credit Suisse. CEO Sergio P. Ermotti emphasized the importance of having both leaders actively engaged to ensure UBS is well-prepared for future challenges. The announcement also includes a cautionary note regarding forward-looking statements and associated risks that may impact UBS's future performance.

UBS Private Wealth Management announced the recognition of Drew Freides and Michael Kanigher as top wealth advisors in 2023. Drew ranked #1 and Michael #7 on the Forbes Best-in-State Wealth Advisors list for Los Angeles. They also made the national Forbes America’s Top Wealth Advisors list, with Drew at #9 and Michael at #80. This marks the eighth consecutive year for Drew and Michael on the national list and the sixth year on the state list. Together, they manage over $7 billion in client assets through Mainsail Wealth Partners, serving ultra-high net worth clients with a comprehensive approach to wealth management, including estate planning and philanthropic strategies.

Lauren Gorsche, UBS Los Angeles Market Executive, praised their dedication to clients, emphasizing their impact within the private wealth space.

UBS Private Wealth Management announced that Drew Freides and Michael Kanigher have been featured in the Barron’s Top 1200 Advisors list for 2023, ranking #13 and #28 in California respectively. This marks their 10th consecutive year of recognition. The duo leads Mainsail Wealth Partners, a prominent advisor team within UBS, advising senior executives and families on comprehensive wealth management solutions, including tax optimization and estate planning. The Barron’s list evaluates around 6,000 advisors based on qualitative and quantitative factors such as assets under management and revenue. For more details, visit Barron’s.