UBS's Ermotti Sanguine on Outflows as Investment Banking Outshines

The transcript discusses the FX business performance, highlighting a strong quarter due to a normalized environment and increased market share from electronic execution engines. The competitive landscape remains diverse, with no significant impact from other investment banks. Clients, particularly in the US, are maintaining stable asset allocations and increasing cash balances, indicating caution despite a constructive economic outlook. The analysis of net new money reveals seasonal effects and specific corporate outflows, but overall, the outlook remains positive with expected growth targets.

What factors contributed to the strong performance in the FX business during the quarter?

How did the clients' asset allocation change compared to the third quarter of 2017?

What does the speaker indicate about the clients' behavior regarding their portfolios?

What was the impact of tax outflows in the US on the new money for the quarter?

What is the speaker's outlook for the rest of the year based on the current developments?