UBS hits record profit as shares fall.

Fonction NEWS - Financial report

Swiss-based UBS, the world's largest wealth manager, reported record full-year profit in February, but shares fell on worries over rising costs after the group took on 8,500 new staff in 2006.

Full-year net profit was reported at more than SFr 12 billion.

UBS spent almost SFr 4.9 billion on acquisitions in the past year and its operating costs rose 32 per cent in the fourth quarter, alone, as it added 1,247 employees in expanded operations, the bank said.

Shares fell 2.5 per cent to (SFr 77.6) on rising costs and lower-than-expected...

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