UBS, the Swiss wealth manager, is closing its New York-based art gallery, in the latest step towards winding down its art advisory service which it shut in April as a cost-cutting measure.

The UBS art gallery, located in the lobby of its building at 1285 Avenue of the Americas, New York City, will close after the current exhibition, "Jack Tworkov: Against Extremes - Five Decades of Painting," finishes at the end of October.