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UBS dodges Archegos bullet thanks to trading by wealthy APAC clients

Record profits at the wealth franchise of UBS Group AG in Asia Pacific helped the Swiss financial major absorb losses from the Archegos blowout that ensnared fierce rival Credit Suisse Group AG. Group-wide net profit for 1Q21 rose 14% YoY to US$1.8 billion, on the back of a 33% increase in group-wide invested assets to US$4.2 trillion across global wealth…

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