Swiss bank and wealth management giant UBS has launched a bonus programe at its US retail brokerage business designed to boost market share, attract new client assets and help retain its best brokers during a period of market turbulence, reports Reuters.

Under the new programme, brokers would receive a bonus of up to 0.1 per cent of net new client assets delivered to the bank between 1 May and 29 August. The bank also will pay branch staff up to 0.03 per cent of total assets raised by an office.

"We want our financial advisors to know they are with a firm that in uncertain times can gather assets; that has the leading commitment to wealth management and has financial strength," Reuters quoted Mara Glassel, head of national sales for UBS Wealth Management Americas, as saying.

UBS advisors can earn the rewards selling any number of investments, compared with product-centered campaigns at most rival firms. The new programme is in addition to existing UBS compensation plans.

US brokerages are competing fiercely to attract the most productive brokers, who can generate strong revenue during a period when investment bankers and debt traders are struggling.

At a time when Wall Street is drastically cutting back on traders and investment bankers, almost every firm is expanding their networks of retail brokers.

UBS said it has led most rivals in attracting net new money during the past three years, which is regarded as the best gauge of how satisfied clients are with their brokers. Last year, UBS net inflows ranked second only to Morgan Stanley.

By introducing a market leadership campaign last month and now with the new awards scheme, UBS hopes to retain top brokers and encourage wealthy clients to consolidate all their business with UBS.