UBS pre-tax profits jump 27% in third quarter to $3.59 billion as wealth inflows surge

JUST IN: UBS third-quarter pre-tax profit jumps 27% to $3.59 billion as wealth management inflows surge, with net new assets of $55.1 billion.

UBS just posted a 3.59 billion dollar pre-tax profit, up 27 percent in a year.

The Swiss giant pulled in 55.1 billion dollars of net new assets into wealth management this quarter. Rich people, it turns out, keep getting richer and keep handing the money to Zurich. You can see the brand doing very nicely here. Net profit came in at 2.7 billion, in line with forecasts, and the shares are already up about a quarter this year.

The Credit Suisse integration, the deal everyone said would be a headache, is on track to finish by year end, with 13.7 billion in cost savings. Above target.

So why isn't CEO Sergio Ermotti smiling? Swiss lawmakers want UBS to hold 90 percent capital against its foreign subsidiaries, roughly 16 billion in extra shares. He told CNBC that would kill their competitiveness, and he's very concerned. Record quarter, and the biggest fight is at home.

This is Kateryna Kovalenko, reporting for HIT.