UBS holds $22 billion for Russians not resident in Switzerland or the EEA
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ZURICH, April 26 (Reuters) – UBS (UBSG.S) held around $22 billion in invested assets for Russian clients not based in Switzerland or the European Economic Area at the end of March, its quarterly report showed on Tuesday. as the world’s largest money manager, for the first time publicly counted assets it held for such clients.
UBS said in March that it had limited direct exposure to Russia, accounting for around $634 million of the Swiss bank’s total exposure to emerging markets of $20.9 billion at the end of 2021. read more
Its quarterly report on Tuesday showed that 0.7% of a total of $3.145 trillion in invested assets in its wealth management division are related to “Russian individuals who are not residents of the European Economic Area (EEA) or Switzerland,” while the Bank said its wealth management division had also experienced a decline in fee-generating assets due to “UBS’ strategic decisions to exit markets or services and sanctions related to the Russian invasion of Ukraine.”
Its direct exposure to Russia had fallen to $0.4 billion by the end of March. It detailed a loss of around $100 million from exposure to the Russian business in its various divisions in the first quarter.
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Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields
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