UBS investment bankers were given a target of 300 client meetings a year to boost business — and it seems to be working

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LONDON — UBS’s investment bank performed strongly in the first quarter, boosted by the return of market volatility.

The Swiss banking group delivered its first-quarter results on Monday. Here are the highlights:

• Pre-tax profit rose 17% to CHF 1.97 billion ($2 billion).
• The combined wealth management operation missed targets: The bank is currently rolling its two wealth management divisions into one, known as Global Wealth Management. The division delivered pre-tax profits CHF 1.12 billion ($1.1 billion) in the first quarter. That’s up 7% on last year but below analysts forecasts.
• The investment bank did well: The investment bank delivered pre-tax profits of CHF 629 million ($644 million), up 23%, and an adjusted return on attributed equity of 25%. That was above analysts forecasts. The investment bank was boosted by the return of market volatility in the first quarter, with equity trading revenue up 17%.
• UBS shares fell 4% on the results: Investors focused in on the disappointing numbers in wealth management rather than the investment banking beat.

UBS CEO Sergio Ermotti’s key strategy for the bank since taking charge in 2011 has been to focus it on serving wealthy clients through its wealth management operations, subsequently downplaying investment banking.

Andrea Orcel, the head of UBS’s investment bank, has been trying to boost his division’s performance. Bloomberg reported on Friday that Orcel is mandating that MDs overseeing specific sectors at the bank must take 250 client meetings a year, while M&A and IPO bankers must meet at least 300 clients.