More than a decade after throwing in the towel on its hopes of being a major player in the lucrative US investment-banking market, UBS is making another push, but this time the Swiss financial giant’s ambitions are a bit more measured.

The takeover of local rival Credit Suisse and turmoil at other global peers has opened a door of opportunity to build back up a business that has been lagging behind rivals, UBS executives say. They have been on a hiring spree for senior deal makers, expanded research coverage and are ramping up pitches to potential clients.