UBS wealth arm gets it off to a healthy start

UBS today posted a sharp rise in first-quarter profits thanks to a recovery in its wealth management arm. Net profit leapt 79% to

Swfr1.3 billion (£1 billion) to give the Swiss bank its second-best start to a year since the financial crisis. But it was cautious for the months ahead, citing risks including “divisive politics”, and warned there could be “significant changes to our operations in the UK”.