October 25, 2018 / 6:08 AM / 22 days ago

UBS sees wealth management inflows of at least 3 percent by 2021

FILE PHOTO: The logo of Swiss bank UBS is seen at the company's headquarters in Zurich, February 10, 2015. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - UBS Group AG (UBSG.S) aims to grow wealth management profits at the upper end of its target range over the 2019-2021 period and set a target for net new money growth of at least 3 percent by 2021 from the current 2 to 4 percent, the world’s largest wealth manager said on Thursday.

Switzerland’s biggest bank said it is targeting a cost/income ratio of around 77 percent for 2019 and 72 percent in 2021. It had previously set a target for a cost/income ratio below 75 percent for 2018-2020.

Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi

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