Poachers strip UBS of London wealth management staff
Swiss bank UBS has suffered a wave of defections from its London wealth management business
LONDON – Swiss investment bank UBS has suffered 50 or so defections from its wealth management division as managers have been poached by competitors – including Goldman Sachs-funded Vestra Wealth.
Other destinations for defecting staff include rival firms Merrill Lynch, Rothschild and Credit Suisse. The departures have reportedly denied UBS of two thirds of its front office and support staff, responsible for $9 billion of assets. Around $1.5 billion of assets are in danger of being lost by UBS
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