UBS has seen the departure of some 20 of its staff from its German private banking arm, according to Dow Jones, citing an unnamed source close to the matter.

According to the source, their departure - reportedly for Hamburg-based Harald Quandt Trust – is due to dissatisfaction over the firm’s refusal to ring-fence some or all of its German private banking business as a corporation in its own right and give it a more autonomous identity.

Harald Quandt Trust runs money for Germany’s Quandt family, which controls BMW.

UBS declined to comment when contacted by WealthBriefing.