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(Bloomberg) -- UBS Group AG’s Sergio Ermotti said he expects to add $50 billion in assets across wealth management and asset management this year as low interest rates limit how much new business the bank takes on.

“We are very selective in the way we onboard net new money in terms of profitability,” he said in an interview with Bloomberg’s Francine Lacqua at the World Economic Forum in Davos. Growth will be “in line with what we did in last few years.”

Low and negative interest rates have eroded banks’ profitability and are prompting wealth managers to be more cautious about new clients. Higher rates in the U.S. have eased some of that concern, with bank executives at Davos expressing optimism about 2017.

“The U.S. is a promising market for us,” Ermotti said.

To contact the reporter on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg.net.

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net.

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