A stellar performance at Swiss wealth manager UBP must be galling to wealth managers at UBS this morning after the bank revealed sub-prime writedowns in its investment bank of Sfr12bn (â¬7.4bn), representing just over half its exposure to the sector.
The writedowns, which pulled UBS into the red by Sfr4.4bn last year, have drawn into question the supposedly symbiotic relationship between investment banking and wealth management.
