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UBS Global Wealth Management’s Asia Pacific business witnessed a lacklustre fourth quarter performance last year, posting a 39% year-on-year drop in profits before tax — falling from US$174 million in 4Q17 to US$106 million in 4Q18. Meanwhile, its cost-income ratio for the region rose to 79%, 12 percentage points higher than 2017’s final quarter. The Swiss lender attributed its subdued…
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