UBS AG aims to reverse outflows of wealthy clients' funds in 2010, its private banking vice chairman, Alain Robert, told Dow Jones Newswires Monday.
The Zurich bank's private banking arm — which sells financial services to wealthy individuals — curbed outflows to $7.1 billion in the first quarter.
The bank's finance chief had said in May that UBS merely "hopes" to reverse withdrawals by wealthy clients this year.
In 2008 and 2009, UBS recorded outflows of $92 billion and $77.3 billion, respectively. "Trust is gradually returning to UBS," Robert said. He declined to elaborate.
Robert's comments are the strongest indication yet from UBS about how quickly it thinks it can stem the outflows, a key measure for investors.
The bank was rocked first by more than $50 billion in writedowns on mortgage-related securities, then by a U.S. crackdown on hidden Swiss offshore accounts.
