UBS Global Asset Management, the fund management arm of the Swiss bank, said pre-tax profits for the three months to September 30 were Sfr105m (€68.5m), up 21% from the same period last year.

However, they were down by 20% compared with the previous quarter as a result of restructuring provisions in the US and damage caused by Hurricane Ivan in the Cayman Islands, where the group's hedge fund headquarters are located.