UBS' 2018 Results: Weak Final Quarter in Investment Banking Leads to Earnings Miss
Narrow-moat UBS reported fiscal-year 2018 profits before tax of $6.4 billion. This missed our estimate of $6.5 billion by 2%. Our estimate was in line with consensus expectations. Looking at the fourth quarter in isolation, the miss was obviously more pronounced--around 10% lower than our expectation. In early trade, UBS has been sold off aggressively. We do, however, highlight that most of the earnings miss is attributable to a very weak quarter for UBS' trading activities within its investment...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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