profits

Swiss investment bank UBS is set to sue US stock exchange Nasdaq over its mis-handling of the Facebook flotation, after it emerged today its bet on the firm cost it $356m.

BlackRock, the world's largest money manager, has reported its profits fell 11% in the second quarter, as the global downturn in markets cut into fee income.

Warnings on profits issued by UK firms saw the biggest leap in a decade in Q4 2011, driven by difficulties in the retail sector, according to Ernst & Young.

Falling business volumes and income meant asset managers saw profits drop for the first time since the second quarter of 2009 in the final three months of last year.

Pre-tax profit at Aberdeen Asset Management rose by 44% in the 12 months to the end of September even as net new business dropped by £1.6bn over the same period.

The chairman of Walker Crips David Gelber said short-term economic uncertainty has impacted the group's trading, despite a rise in revenues, and predicted a subdued outlook for the UK.

MAM Funds has moved back into the black, reporting after-tax profit of £400,000 for 2010, compared to a £7m loss in 2009.

Collins Stewart Wealth Management has reported a 10% profit jump following two acquisitions and tighter cost controls.

The distribution unit of wealth manager St James's Place (SJP) turned a huge loss in 2009 into a significant profit last year after new business increased by a third.

The Royal Bank of Scotland Group reported a small £9m net profit over the first half of the year, after recording a £1.14bn pre-tax profit in the six-month period.