Dow Jones Newswires: UBS profit halves due to U.S. litigation, but draws billions new money

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UBS Group AG said Tuesday that earnings declined in the first quarter, hurt by litigation, but that the bank drew in billions in net new money at its global wealth-management business following the news of its acquisition of Credit Suisse Group AG.

The Swiss bank UBS CH:UBSG said its result was affected by $665 million in provisions related to U.S. residential mortgage-backed securities litigation.

UBS…