UBS hit by staff 'defection'

Over 50 wealth management staff at UBS have resigned from the Swiss bank's London offices, the Times reports.

The bankers have been "poached" by rival firms including new start-up, the Goldman Sachs-financed Vestra Wealth.

Other firms recently joined by the departing staff include Merrill Lynch, Rothschild and Credit Suisse.

It is understood that these defections have stripped UBS of two thirds of its front office and support staff, leaving the management of just under $9 billion worth of assets under-manned.

Moreover, the report adds that around $1.5 billion of assets remain in danger of being poached from rival firms, as clients retain their wealth managers even though they have moved.

Speaking to the newspaper, chief executive of UBS wealth management John Pottage said: " We have taken all necessary steps to ensure our clients continue to receive the level of professional service they would normally expect.

"It is entirely normal to see a peak in client adviser departures at this time of year following the bonus season."