UBS Reports Mixed Third Quarter, Boosts Legal Provisions
UBS reported a mixed third quarter, but we plan to maintain our $15/CHF 15 fair value estimate and narrow moat rating. Adjusted pretax profit was up 33% year over year to CHF 1.3 billion, which excludes several hundred million dollars in restructuring expenses. Broadly, cost cuts and decent levels of new inflows (CHF 10.2 billion for wealth management) were the main contributors, which were offset somewhat by significant falloff in profitability at the investment bank. The bank has achieved to d...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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