UBS Reports 3Q Results: Cost Control Supports Strong Bottom-Line Growth
Narrow-moat UBS reported pretax profit growth of 17% to CHF 2 billion for the first quarter of 2018. This is meaningfully below our full-year expectations of a 30% increase in reported pretax profits, but we highlight that the base for the rest of the year is depressed by nonrecurring items and that first-quarter results were also negatively affected by a weaker U.S. dollar. On a constant-currency basis, the growth in pretax profits would have been 24%. We maintain our fair value estimate per sh...UBS Group is a holding company. Through its subsidiary, UBS, Co. provides financial services including advisory services, underwriting, financing, market making, asset management and brokerage and retail banking. Co.'s operations are organized along five segments: Wealth Management (financial services to high net worth and ultra high net worth individuals as well as private and corporate clients); Wealth Management Americas (advice-based solutions for ultra high net worth, high net worth and core affluent individuals and families); Personal & Corporate Banking (provides financial products and services to private, corporate and institutional clients); Asset Management and Investment Bank.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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