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UBS Wealth Management Americas (WMA) expanded its advisor force by 48 to 7,015 financial advisors in the last quarter as the brokerage unit of the Swiss banking giant posted both record pre-tax profit and invested assets. In first-quarter earnings released today, UBS WMA reported a pre-tax profit of $209 million -- up 34 percent from $156 million in the fourth quarter, and an increase of 75 percent from $119 million a year ago. It had invested assets of $807 billion, up seven percent from $756 billion in the fourth quarter of 2011.
UBS WMA spokeswoman Karina Byrne said pre-tax profit and invested assets broke quarterly records. "It was another solid quarter," she added. UBS WMA reported revenue of $1.57 billion, a jump of four percent from $1.504 billion in the last quarter, and up...