The integration of Credit Suisse brought not only the scale of UBS’s asset management business, but also the associated increasing cost complexity.
UBS has weathered the restructuring storm well so far. The global asset management business collected $22 billion in net new assets in the final quarter of 2023 and $77 billion overall in the second half of last year. The company’s total assets are approximately $3.8 trillion, making it one of the largest asset managers in the world.
However, integration was expensive. Profits at the global wealth unit fell 64% as the $490 million takeover price of Credit Suisse began to fall.