UBS President Peter Wuffli says he sees the signs of the end of the bear market, Reuters reports. Wuffli made the remarks in a conference call following his firm’s first-quarter results. Although UBS’ net profit fell to $1.2 billion Swiss francs and operating income fell 19%, the results were better than expected.

"While some further degree of volatility cannot be excluded, we do feel that the downward pressure on our industry from the business and market environment could be beginning to ease and that the worst earnings declines may be behind us," Wuffli told reporters.

The president also said UBS is eager to expand its wealth management sector through acquisitions in Europe and the US.

"I would still like to look at acquisition opportunties in wealth management in Europe but also the United States if they propel our growth and are financially attractive," Wuffli said.

These proposed acquisitions would take the already-dominant UBS to a new level. With $1.5 trillion under management, UBS is the world’s largest asset manager and sixth-largest bank.

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