UBS Wealth Management Americas posts record 3Q profit
News from Reuters:

Tue Oct 30, 2012 1:49pm EDT

* Posts third straight record profit on strong markets

* Sees 16 percent rise in client assets invested with firm

* UBS AG staff cuts to have minimum impact on unit-spokeswoman

By Jennifer Hoyt Cummings

Oct 30 (Reuters) – UBS Wealth Management Americas, the U.S. brokerage arm of Swiss bank UBS AG , reported its third consecutive record profit on Tuesday, driven by strength in invested assets and revenue.

UBS, which released its third quarter results early Tuesday, said the brokerage earned $ 230 million in p retax profit in the three months ended Sept. 30, up 35 percent from a year earlier.

Meanwhile the division, one of the nation’s largest brokerage companies, posted a 16 percent increase in client assets invested with the firm to $ 832 billion from a year ago, as revenue climbed 5 percent to $ 1.63 billion.

UBS is the last of the four so-called wirehouses to report third-quarter results. Like UBS, the other three wirehouses, Morg…………… continues on Reuters

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Related News:

Credit Suisse, Qatar Said to Start Asset-Management Venture
News from San Francisco Chronicle:

(Updates with share price in final paragraph.)

Oct. 30 (Bloomberg) — Credit Suisse Group AG and a unit of Qatar Investment Authority, the Persian Gulf emirate‚Äôs sovereign-wealth fund, plan to start an asset-management joint venture, three people with knowledge of the matter said.

The unit will be based in Doha and focus on Middle East and North African investments, according to one of the people, who asked not to be named and declined to give more details on the venture, citing the sensitivity of the talks. The venture may be announced this year after 12 months of negotiations between Zurich-based Credit Suisse and Qatar, two people said. It will also solicit third-party funds, according to one of the people.

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