ZURICH (Reuters) UBS expects to win more client money for its wealth management business in 2011 and sees a rebound in the investment banking division whose losses almost felled it in the financial crisis.Switzerland’s biggest bank said it had seen improvement across private banking in the fourth quarter with total net new money of 7.1 billion Swiss francs although inflows were flat at its core wealth management unit after one billion in the third quarter and big withdrawals in the first half.While the bank won client cash in the Asia Pacific and Americas regions and among the ultra wealthy and Swiss customers, it continued to bleed a small amount of assets both onshore and offshore in Europe, where neighbouring countries have chased tax evaders hiding behind Swiss bank secrecy.“It’s really the confidence that we have around the situation in Europe changing and improving that gives us confidence that we will see net inflows in coming quarters,” said chief financial officer John Cryan.Clients rattled by huge writedowns on toxic assets and a US probe into wealthy Americans using secret Swiss accounts to dodge tax had pulled nearly 400 billion francs from the world’s second-largest wealth manager in recent years.“The results are a relief after the poor results of US brokers and those from Deutsche Bank and even Julius Baer,” said Helvea analyst Peter Thorne. “It is a relief to hear their optimism for 2011.”Solid wealth management performances from smaller Swiss wealth manager Julius Baer and Morgan Stanley in the fourth quarter, along with improved UBS investment banking, bode well for the Q4 results of cross-town rival Credit Suisse, due Thursday.UBS shares were up 2.8 percent yesterday afternoon, against a 1.6 percent gain for Credit Suisse and a 0.1 percent weaker European STOXX banks index.CEO Oswald Gruebel’s investment bank revamp started to bear fruit in the fourth quarter as equities and fixed income, commodities and currencies (FICC) revenues improved.“Mr Gruebel has done a good job in rebuilding UBS so far. He announced a mid-term target of 15 billion Swiss francs profit before taxes and there is currently no reason for questioning his role,” said Oliver Flade, research director for European financials at Allianz Global Investors, a small UBS shareholder.Analysts said litigation charges of 230 million francs and an own credit charge of 509 million in the investment bank mainly explained why quarterly profit missed forecasts.The own credit charge, as well as losses on student loans, kept net profit at the investment bank to just 75 million Swiss francs ($78.35 million).