We have strong momentum with our clients in challenging markets
Our proactive engagement with our clients led to positive momentum with USD 17bn net new fee-generating assets1 (NNFGA) in GWM, USD 18bn of net new money in AM (of which USD 2bn excluding money market flows), and CHF 0.4bn net new investment products in Personal Banking, an 8% annualized growth, amidst challenging market conditions. As clients repositioned their investments in response to fast and steep interest rate increases, we continued to actively manage our deposit base which resulted in a 14% YoY increase in net interest income across GWM and P&C. Client activity was differentiated across segments as institutional clients remained very active on the back of high volatility in foreign exchange and rates, whereas private investors remained generally on the sidelines.
In Americas, we attracted net new fee-generating assets of USD 4bn, we continued to see positive momentum in our SMA offering, which contributed USD 5bn net new money in AM, and we had a strong quarter in advisor recruiting.
In Switzerland, we saw CHF 2bn net new loans in GWM and P&C combined, primarily driven by mortgages.
In EMEA, our Global Markets business had its best 3Q on record, we generated USD 6bn net new fee-generating assets, and we completed the sale of our domestic wealth management business in Spain which further optimizes our footprint.