UBS posts 40% first-quarter net profit rise as wealth shows resilience

ZURICH (Reuters) - The world's largest wealth manager, UBS , reported a 40% rise in January-March profit on Tuesday, buoyed by ultra rich clients reshuffling portfolios to cope with the coronavirus outbreak and as a revamp helped its core business to its best quarter since 2008.The bank booked net profit of $1.595 billion, slightly ahead of its previous guidance of around $1.5 billion. It reported strong operating performance across all business divisions, even after accounting for the risk of..