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Morgan Stanley and Citigroup combined their wealth management operations in 2009.
UBS, however, said it expected to continue to attract client funds to its wealth management operations in the first quarter.
UBS, however, said it expected to continue to attract client money to its wealth management operations in the first quarter.
UBS, as part of an overhaul, is shifting its focus away from risky trading toward its wealth management operations.
The bank said the divestitures would help refocus its operations on its investment and retail banking units and its wealth management operations.
The current holding company, he said, was created in 2009, just weeks before the announcement that Morgan Stanley and Citigroup were combining their wealth management operations.
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HSBC's fastest-growing business last year was its retail banking and wealth management operation.
Credit Suisse announced changes to its management team last week, merging asset management into its wealth management operation and naming a co-head of its investment banking unit.
Mr. Orcel is shrinking the investment banking operation to become more of a support for UBS's more successful wealth management operation.
UBS has been eliminating 10,000 jobs, reducing bonus payments, scaling back its investment banking trading business and focusing more on its successful wealth management operation.
While the investment banking unit shed thousands of jobs, the wealth management operation added 300 advisers in the Asia-Pacific region since the start of the year.
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