UBS posts strong third quarter earnings

The world’s biggest asset manager, UBS, has posted its best quarterly earnings in three years.

The Swiss banking operation reported a third quarter net profit of €1.06bn as money flowed into its asset management business.

Revenues in the fixed income business remained strong, up 30% on 2002, despite volatile markets at the beginning of the quarter.

UBS chief executive, Peter Wuffli said the figures were a clear indicator that the bear market had come to an end.

"The stronger and more certain the recovery proves, the more positive the effect on our revenues," he said today. Basic earnings per share in the banking giant rose 66% to €1.10.