Profits at the asset management division of Swiss bank UBS fell 6% last year, mainly due to a Sfr384m (â¬244m) charge linked to the closure of internal hedge fund Dillon Read Capital Management.
UBS Global Asset Management said it would have made Sfr1.7bn if it had not been for the Dillon Read collapse, 22% up on the Sfr1.4bn profit for 2006.
