UBS Group AG has made the decision to exit $5 billion in assets that it manages for wealthy clients. This move comes as the company works to sort out the parts of Credit Suisse that it does not want. During the third quarter, UBS transferred these assets from its wealth management division to its wind-down unit. Additionally, it reclassified $30 billion worth of assets in the wealth unit as “related to non-strategic relationships.”

Since the emergency takeover of Credit Suisse in June, UBS has been reviewing the clients and assets of the smaller rival. The goal is to ensure that the acquired businesses align with UBS’s more conservative risk approach. The company has already announced plans to scale back Credit Suisse’s investment bank and subject its bankers to a “culture filter” to eliminate undesirable practices.

The assets that were moved out of the wealth unit in the third quarter resulted in a 3% decrease in invested assets at the division compared to the previous period. However, UBS stated that it has stabilized Credit Suisse’s wealth management business, as the unit experienced positive client flows for the first time in a year and a half.

UBS’s wind-down unit, known as non-core and legacy, reported a wider quarterly pretax loss of $1.93 billion, compared to $478 million in the previous period. This loss led UBS to experience its first quarterly loss in nearly six years.

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Geography	Europe
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Companies	Credit Suisse, UBS Group AG
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