UBS wealth inflows accelerate as India deposits lift HSBC’s new money

Standard Chartered reported a third consecutive quarter of wealth income above $1 billion, and CIMB Thai launched Private Wealth. Among fund managers, indexed products dominated Invesco’s inflows, Amundi expanded retail distribution, and T. Rowe Price faced renewed withdrawals and pressure on its fee rate.

Read more on the week's key developments:

UBS captures liquidity event proceeds as wealth inflows reach $55.1 billion

UBS recorded $55.1 billion in Global Wealth Management net new assets in the third quarter (Q3), up from $35.5 billion in the second quarter (Q2), according to its 28 October results. Net new fee-generating assets held at $12.9 billion, below first quarter (Q1)’s $37.9 billion. CFO Todd Tuckner linked part of the gap between total and fee-generating inflows to IPOs and other liquidity events, describing the additional assets as “significant dry powder” for future investment and advisory business.

Earlier asset gathering was already supporting earnings. Recurring net fee income rose 9% year-on-year, helped by positive markets and more than $70 billion in net new fee-generating assets over the preceding 12 months. In Asia Pacific (APAC), recurring fees supplied most of the region’s 7% revenue increase, while expenses fell 2%, lifting pre-tax profit to $503 million.

HSBC’s deposit surge overshadows slower investment inflows

HSBC’s 27 October results showed Q3 wealth net new money of $41 billion, up from $25 billion in Q2. Deposits contributed $24 billion, while invested asset inflows slowed to $17 billion from $22 billion in Q2 and $34 billion in Q1. The group measure includes retail and private bank investments and Premier and Private Bank deposits. India’s FCNR scheme supplied $14.5 billion. CFO Pam Kaur said the special offer closed at end-August, although most balances had five-year terms.

Group wealth fee and other income was nearly flat year on year at $2.69 billion, but Private Bank fee and other income grew 16% at constant currency, driven by mandates and trading. The aggregate comparison was held back by the non-recurrence of prior-year insurance gains and the UK and French life-insurance disposals. Separately, International Wealth and Premier Banking, which excludes Hong Kong and UK Premier banking, reported a 14% year-on-year pre-tax profit decline at constant currency. Business disposals and exits accounted for about half that decline.

Standard Chartered sustains wealth income growth but flags Q4 seasonality
Standard Chartered gathered a record $20 billion in affluent net new money in Q3, including around $5 billion from the same FCNR scheme that lifted HSBC’s inflows, Group CFO Manus Costello said on its 28 October call. Wealth Solutions income rose 26% year on year at constant currency to $1.1 billion, its third consecutive quarter above $1 billion. Investment Products income increased 28% and bancassurance income grew 18%. The wider Wealth and Retail Banking division’s pre-tax profit rose 16% to $977 million.

CEO Bill Winters flagged the usual seasonal moderation in wealth activity in Q4. He said the full-year bancassurance bonus was accrued in Q3, as last year, and that accrual would not repeat in Q4. Broadly stable AUM also understated the quarter’s asset gathering: client mandate changes moved assets from management to custody, offsetting strong inflows in the reported balance. Costello said those changes were part of normal client servicing and had limited overall revenue impact.

Deutsche Bank posts record Private Bank inflows as wealth mandates lift revenue
Deutsche Bank’s Private Bank, including Wealth Management and Personal Banking, recorded quarterly net inflows of EUR 17.0 billion ($19.0 billion), including EUR 11.0 billion ($12.3 billion) into investment products, in its 28 October results. CEO Christian Sewing said around two-thirds of total inflows came from Wealth Management. Nine-month divisional inflows had already exceeded the whole of 2025. Wealth Management revenue rose 10% year on year, driven by deposits and investment products, particularly discretionary mandates.

Across the wider Private Bank, revenue rose 8% year on year but pre-tax profit increased 2% as expenses and provisions grew. CFO Raja Akram attributed the provision increase mainly to favourable prior-year model updates not recurring, with underlying credit performance stable. Investment in wealth expansion continued: Deutsche reported 180 wealth hires against a target of around 250 by 2028 and launched a digital mandates platform in Germany. Akram said the phasing of investment spending would lift expenses sequentially.

CIMB Thai launches Private Wealth as bank shifts towards fee income
CIMB Thai launched CIMB Private Wealth on 29 October for clients with at least THB 30.0 million ($0.9 million) in assets under management, making Thailand the group’s third market after Indonesia and Malaysia. The proposition combines dedicated relationship managers and investment and legacy planning with regional Chief Investment Office insights. Clients can open offshore accounts through CIMB Singapore’s website and receive preferential international transfer rates. Membership also provides access to privileges across the group’s ASEAN network.

The launch advances a wider reshaping of CIMB Thai. Its May transformation plan prioritised wealth and other businesses generating fee income with lower capital requirements as it exits auto finance, while repositioning branches towards wealth advice. The bank aims to raise non-interest income’s share of revenue from 31% in 2025 to 35–40% by 2030. That is a bank-wide income target; its published financial statements do not separately identify wealth’s revenue contribution.

DBS finds succession ambitions outpace next-generation involvement
Among respondents to surveys of family offices commissioned by DBS, 79% wanted the wealth they represented to last at least two generations, yet 43% reported no next-generation involvement in wealth planning. Released on 30 October, the DBS Asian Family Office Almanac 2026 draws on two surveys covering more than 200 family offices across Asia, Europe and the Middle East, conducted between January and May, together with qualitative interviews.

Family control emerged as a practical obstacle to succession: a third of respondents cited founders’ desire to remain in charge as the main reason for delaying transfers. Another 15% expected a transfer only when an event such as incapacity or crisis forced it. DBS wealth-planning head Lee Woon Shiu described “deeply personal decisions about ownership, leadership and control”.

Amundi’s retail inflows accelerate as further UniCredit withdrawals loom
Amundi generated EUR 21.2 billion ($23.7 billion) in retail net inflows in Q3, up from EUR 14.9 billion ($16.6 billion) in Q2 and EUR 13.2 billion ($14.7 billion) in Q1, on its restated segment basis. Deputy CEO Nicolas Calcoen said third-party distributors contributed about EUR 20.0 billion ($22.3 billion), almost entirely in medium- and long-term assets. The growth absorbed EUR 4.0 billion ($4.5 billion) of withdrawals through UniCredit’s networks, according to its 29 October results and call.

Calcoen flagged a separate EUR 9.0 billion ($10.1 billion) withdrawal expected in Q4 from UniCredit insurance entities bringing asset management in-house. Those entities made no withdrawals in Q3; the expected exit is distinct from the retail network withdrawals already recorded. Amundi also extended its Banco Sabadell partnership to 2035.

Invesco’s indexed inflows accompany a further improvement in margins
Invesco’s ETFs and Index business, which excludes QQQ in its reporting, attracted $28.5 billion in Q3 net inflows. QQQ added $6.7 billion, taking their combined contribution to $35.2 billion, slightly above group long-term net inflows of $35.1 billion. Fundamental equities, fundamental fixed income and private markets recorded withdrawals, partly offset by inflows into other capabilities. Total long-term net inflows eased from Q2’s $45.1 billion but remained above Q1’s $21.8 billion.

Profitability continued to improve despite the lower quarterly inflow total. Adjusted operating margin rose to 40.7%, from 37.5% in Q2 and 34.5% in Q1. Sequentially, adjusted net revenue increased 4% and adjusted operating expenses fell 1%. Higher average assets and China joint-venture performance fees supported revenue.

T. Rowe Price outflows widen as equity withdrawals and retirement plan redemption weigh
T. Rowe Price reported $28.3 billion in Q3 net outflows in its 29 October results, reversing the improvement to $6.5 billion in Q2 from $13.7 billion in Q1. Equity strategies lost $25.6 billion, while multi-asset outflows of $7.6 billion included a large September redemption from an active target-date retirement plan. Chair and CEO Rob Sharps contrasted that termination with a sizable new plan win in Q2, explaining that target-date flows were becoming more dependent on winning new plans and consequently more uneven.

The advisory fee rate excluding performance fees fell to 37.8 basis points from 38.1 in Q2 and 38.8 in Q4 2025. CFO Jen Dardis attributed about two-thirds of the sequential decline to growth in blend and hybrid target-date products, with the remainder reflecting US-equity outflows and changes in investment vehicles. Average assets rose 9.5% year on year, but advisory fees grew 5.8%, with the lower fee rate tempering the revenue benefit of the larger asset base.

UK Budget adds two points to planned savings and property tax rises
The UK’s 28 October Budget proposed a further two-percentage-point increase in savings and property income tax rates from 6 April 2027, taking them to 24%, 44% and 49%. The November 2025 Budget had already scheduled rates of 22%, 42% and 47% from that date. Savings rates would apply across the UK; the property rates cover England, Wales and Northern Ireland, subject to devolved powers. This Budget leaves dividend rates unchanged from 2026–27, after increases to the ordinary and upper rates took effect in April 2026.

A separate inheritance-tax proposal would restrict deductions for certain trust debts funded using value originating from a beneficiary’s own estate. HMRC’s Budget legislation overview states that the measure would apply to deaths and other chargeable events on or after 28 October 2026. The savings and property changes require legislation in Finance Bill 2026–27.