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☆ UBS Attracts Wealthy Clients to Help Lift Profits
▼ + stars: | 2023-01-31 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

UBS is one of Europe’s strongest lenders in terms of its stock valuation and capital position. UBS Group AG said wealth clients added new assets at the bank in the fourth quarter, helping it post a better-than-expected net profit. The Swiss bank made a $1.65 billion quarterly net profit, more than the $1.28 billion analysts expected and up from $1.35 billion a year earlier. Inflows from its wealth customers picked up in the quarter across most regions, lifting the annualized growth above the bank’s 5% target, to 7.9%.

☆ UBS fourth-quarter profit rises 23%; beats estimates
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, Jan 31 (Reuters) - Switzerland's UBS Group AG (UBSG.S) on Tuesday reported a 23% increase in fourth-quarter profit, beating analyst estimates, helped by a fall in costs despite a drop in financial markets. The Swiss bank reported net profit attributable to shareholders of $1.7 billion, versus the $1.3 billion average of 21 analyst estimates in a UBS-conducted poll. "We are starting 2023 from a position of strength," Chief Executive Ralph Hamers said in a statement. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS Chairman Colm Kelleher has said his bank has not actively sought to benefit from Credit Suisse's troubles.

☆ UBS sounds cautious note for year ahead after booking quarterly profit rise
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS Group AG (UBSG.S) predicted an "uncertain" year ahead plagued by accelerating inflation and higher interest rates on Tuesday after the Swiss bank beat estimates in its latest quarter. In doing so, UBS cautioned that inflation, rising interest rates and war in Ukraine were clouding the future, dampening clients' mood. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS said it attracted $23.3 billion in net new fee generating assets in wealth management, with strong performance in Switzerland.

☆ Evercore Promotes U.S. Advisory Executive to CFO Role
▼ + stars: | 2023-01-20 | by ( Mark Maurer | ) www.wsj.com time to read: +2 min

Tim LaLonde, Evercore’s next CFO. Photo: Evercore Inc. As CFO, Mr. LaLonde is set to succeed Celeste Mellet, who plans to leave the firm in early February, Evercore said. Fund manager Global Infrastructure Partners said it hired Ms. Mellet as a partner and CFO. Ms. Mellet has been Evercore’s CFO since 2021. PREVIEW Evercore underwent a major leadership shift in 2021, when it named Mr. Weinberg as its sole chief executive.

☆ Impactive Capital nominates four directors to Envestnet's board
▼ + stars: | 2023-01-04 | by ( Anirban Sen | ) www.reuters.com time to read: +2 min

Impactive Capital, which holds a 7.5% stake in Envestnet, nominated two men and two women, including its co-founder Lauren Taylor Wolfe, to Envestnet's board. Impactive Capital said it unveiled the challenge to Envestnet after its attempt to negotiate just one spot on the company's board for Wolfe was unsuccessful. In its statement, Impactive Capital cited poor profit margins and bad capital allocation among the reasons for Envestnet's underperformance. It also said Envestnet's management and board directors were overpaid and that the company should improve its corporate governance by putting all of its directors up for election every year. Impactive Capital, which was founded by Taylor Wolfe and Christian Asmar, oversees $2.7 billion in assets.

☆ Retailers Face Pressure to Offer Discounts While Battling Inflation
▼ + stars: | 2022-09-23 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Retailers and their finance chiefs are facing a challenge balancing consumer expectations for discounts and the need to keep raising prices to offset high inflation. With more discounts available and additional inventory being sold through off-price retailers, consumers are expecting to find good deals when they go shopping, executives said. Last month, the average discount at such retailers was 16%, up from 15% a year earlier, UBS said. That is prompting competitors—including those that don’t have too much inventory—to fine-tune their pricing strategies, offering discounts to stay competitive even as they grapple with higher costs. The company’s operating margin fell to 15% from 18.1% a year earlier, according to FactSet, a data provider.

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