Ermotti Says UBS Drops Net New Money Target for Wealth Management

The video discusses a shift in wealth management strategy, focusing on the quality rather than the quantity of new money due to negative interest rates in Europe and Switzerland. The speaker highlights a paradigm shift in the industry, emphasizing business growth and profitability over net new money. The impact of global market changes, such as trade deals and Brexit normalization, is also discussed, noting a more constructive client environment and the need to deploy cash. Despite positive momentum, uncertainty and volatility remain concerns.

What is the significance of focusing on the quality of new money rather than the quantity?

What factors contributed to a more constructive tone in the market as mentioned in the text?