UBS Clients Pull $15 Billion in Quarter as Margins Decline

UBS Group AG said clients pulled a net 15.2 billion francs in the final three months of last year, and margins at its wealth management business declined for a third straight quarter, even as rising stock markets and higher interest rates in the U.S. lifted earnings. The bank fell as much as 3.6 percent in Zurich trading, pulling other wealth managers lower, after saying all of its money management units saw net redemptions last quarter.