The merger of UBS and Credit Suisse is expected to result in a behemoth wealth and asset manager, drawing all eyes to the institutions' first quarter results at the start of the week.

«During the first quarter we saw strong net new fee-generating asset and net new money inflows in global wealth management and asset management,» UBS CEO Sergio Ermotti said in a statement accompanying first quarter results.

The global wealth management (GWM) business attracted $28 billion of net new money during the first quarter, of which $7 billion «came in the last ten days of March, after the announcement of our acquisition of Credit Suisse,» UBS said. Those results should ease some of the concerns that assets being taken out of Credit Suisse are headed to other firms.

Moreover, UBS brought in $20 billion in new fee-generating assets in its GWM unit and $14 billion in asset management (AM).

All Regions Positive

In the Americas region, vital to the Group's growth plans, the GWM business brought in $8 billion of new money and $4 billion of new fee-generating assets. In Switzerland, new money inflows were $10 billion, while $8 billion in new fee-generating assets were reported along with $2 billion in new loans in GWM and P&C, according to the report.

EMEA reported new money inflows of $4 billion and generated $3 billion in new assets. Net interest income increased almost 60 percent on the back of higher euro rates.

Asia was also a bright star for UBS, bringing in $6 billion of net new money and $5 billion in new fee-generating assets, which marks a 17 percent growth rate over the past twelve months.

Overall invested assets for GWM were $3 trillion at the end of the first quarter, down from $3.1 trillion in the first quarter of last year. 

Credit Suisse Acquisition

UBS said it is focused on completing its acquisition of Credit Suisse in the second quarter of this year, which «will advance our strategy, particularly in global wealth management and Switzerland.» UBS reported that net profit attributable to shareholders was $1.029 billion in the first quarter, about half of the $2.136 billion in the same quarter a year ago. Its Group CET1 ratio was 13.9 in the first quarter, down from 14.2 in the fourth quarter of last year. 

It was a different story on Monday at Credit Suisse, where clients moved 47.1 billion francs of their wealth elsewhere.