The firm’s latest figures revealed that profits before tax in its global wealth management section were $919m (£710m).

Recurring net fee income rose for the second quarter in a row on higher invested assets, but was down year-on-year.

Transaction-based income increased by 14%, while net interest income decreased by 3%.

Net new money was $15.7bn (£12.1bn); the net new money growth rate was 2.5%.

In its asset management arm adjusted profits before tax were $135m (£104m), up 6% year-on-year.

Adjusted profits before tax grew year-on-year for the fourth consecutive quarter.

For the quarter, net management fees increased by $12m (£9.3m), reflecting higher average invested assets.

Performance fees decreased by $3m (£2.3m).

Invested assets rose to $858bn (£662bn), and net new money inflows excluding money markets were $24.1bn (£18.6bn).

Overall, UBS’s third quarter adjusted PBT was $1.46bn (£1.12bn) down 18% year-on-year.

Sergio P. Ermotti, group CEO, said: “We delivered solid results generating attractive returns, considering the market conditions.

“We continue to take actions to grow profitability and further capitalise on the strengths of our diversified franchise, delivering long-term value for our clients and shareholders.”