UBS says US broker revival evident under surface
Attrition canada goose uk outlet among $1 million producers fell below 5 pct Net inflows on the rise, same store sales have slipped Brokerage unit considering leaving New Jersey headquarters Brokerage canada goose store unit is boosting litigation Canada Goose Outlet reserves (Adds comments from unit CEO presentation)
By Joe Giannone and Helen Kearney
NEW YORK, Nov 16 (Reuters) Canada Goose sale Bottom line results at UBS Wealth canada goose factory sale Management Americas may be nothing to write home about, but unit Chief Executive Robert McCann says other performance figures show the brokerage is on the mend and gaining ground on rivals. Support staffers are being moved out of pricey Manhattan offices to less expensive locations, and now UBS may also https://www.forcanadagoose.ru leave its Weehawken, New Canada Goose Jackets Jersey, brokerage headquarters, McCann told a meeting of investors gathered in London on Tuesday.
a soft real estate market, this should continue to drive cost savings, said McCann.
McCann said the lease on the building expires in 2013 and he is considering a number of cheaper canada goose coats options. brokerage last month reported a third quarter loss and a mere canada goose $292,000 in uk canada goose outlet new client money. Yet UBS says the business one that investors have urged the Swiss bank to sell in recent years is gaining customers and winning over its advisers.
Attrition among brokers generating at least $250,000 a year in revenue fell to 7 percent in the third quarter, compared with 17 percent a year earlier. Among $1 million producers, the pace of buy canada goose jacket canada goose outlet departures has fallen below 5 percent, canada goose clearance sale compared with last year when one in five were bolting out the door.
UBS will have a more difficult canada goose black friday sale time trimming legal costs. In the third quarter of 2010, a large investor arbitration loss wiped out what would have been a profit.
McCann told investors that UBS increased its reserves to cover rising legal buy canada goose jacket cheap and arbitration costs stemming from the financial crisis.
McCann also expects to boost revenues as UBS seeks to reach a five year profit target.
Step one is charging full Canada Goose Coats On Sale price for fees and commissions. Advisers had cut Canada Goose Parka their fees and commissions during the downturn to retain clients, but that practice must end, said McCann.
time you have a company that goes through a trauma canada goose clearance like ours did, it a natural instinct to do anything you can to keep cheap Canada Goose the clients canadian goose jacket you have, he said. are through that period now.
The former Merrill Lynch veteran also revealed new details about the unit asset flows.
McCann wants investors to focus on a measure akin uk canada goose to same store sales at retailers: Brokers with UBS for more than a year had net additions for the Canada Goose Online past three quarters, he said.
That said, the brokerage same store canada goose uk black friday inflows have been in decline since the March quarter.
Fund flows including dividends and interest were positive for two quarters and rising since the end of 2009. canada goose uk shop Withdrawals linked to departing brokers eased.
McCann noted that his predecessors, in the depths of the financial crisis from September 2008 to March 2009, went on a costly hiring spree, paying to offset outflows. These expenses continue to weigh on the unit.
UBS managers are working canada goose coats on sale with these recruits, many of cheap canada goose uk whom had trouble bringing over clients, through coaching and by identifying referral Canada Goose online opportunities. Productivity among this group has since jumped 70 percent year on year, he said.
McCann also sees greater revenues from mortgages and other loans, which involve a smaller payout to advisers and so are more profitable for the firm. (Reporting by Joseph A. Giannone and Helen Kearney, editing by Dave Zimmerman and Gerald E. McCormick).
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