UBS eyes US market after record profit

UBS, Europe’s largest bank by assets, has reported record fourth-quarter profit, after a gain from the sale of four money-management units, and said it may make acquisitions to win more wealthy clients in the US.

Net income more than tripled to 6.49 billion Swiss francs (CHF) or €4.17bn, UBS said yesterday. Earnings included a CHF3.7bn (€2.3bn) gain from the sale of three private banks and an asset management unit to Julius Baer Holding.

Profit from continuing operations rose 36% to CHF2.79bn (€1.79bn).