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For the first time in more than two years, Swiss banking giant UBS recorded a quarterly net inflow of funds at its asset management arm. Executives at the bank, however, were careful not to trumpet the development as an inflection point in the firm’s fortunes, even though the inflow came a quarter ahead of previous guidance.

The reserved reaction was also warranted because the rest of the bank’s third-quarter results were almost uniformly awful. Earlier, Swiss rival Credit Suisse released a similarly downbeat set of results, although not as uniformly gloomy as at UBS.

Read more at Financial Services Briefing: “Squeezed” (October 27th)