UBS AG's investment-management arm may not be able to attract net new investments until 2011, following the unforced departure of over 1,400 advisers, Citigroup banking analysts said.

"Assets under management attrition relating to the unforced adviser departures is expected to carry over into the first half of 2010," analysts including Andrew Coombs wrote in a note to clients after meeting Juerg Zeltner, chief executive of UBS Wealth Management.