Flat profits in the fourth quarter failed to derail a record year for UBS' investment bank last year, when equity trading usurped fixed income trading as the division's main revenue driver.

Pre-tax profits at UBS' investment bank for the year rose 15% to a record Sfr5.9bn (€3.6bn). Profits at the unit, run by chairman and chief executive Huw Jenkins, increased sharply from Sfr5.2bn in 2005 as operating revenues climbed a quarter to Sfr21.8bn.