UBS Wealth Management in the UK is curtailing its external asset manager programme, WealthBriefing has learnt.

The Swiss bank’s EAM offering was launched two years ago but is not thought to be core to the business which is now focusing on its advisory business.

EAM services are successful in Switzerland where they have been operated for a number of years by several of the major wealth management players.

The UK move comes after a thorough review which showed that the platform and custody offering did not match business expectations. The plan now is to wind the business down in an orderly fashion, a process that has started already.

It is understood that this is not about downsizing, but rather renewed focus on core activities.

UBS has identified a number of organisations that provide similar services and has made arrangements for the small number of EAMs who are using the UBS platform in the UK to transfer to them if that is what they want.

Other providers of external asset manager services in the UK include Credit Suisse, Raymond James and Pershing. Credit Suisse provides EAM services to UBS breakaway Vestra Wealth in the UK.