The news comes at a time of industry consolidation, encouraged by swelling compliance costs and the rise of exchange-traded funds.

UBS is “constantly approached” with offers for its asset management unit, its chief financial officer has said, as consolidation accelerates in the sector encouraged by rising compliance costs. 

“We're starting to see some consolidation,” Kirt Gardner, CFO of the world's largest wealth manager, said last week at a conference, but added that the bank remains committed to the division. “Many banks that are owners of asset managers see it as a way to address capital challenges.”

Asset managers are more inclined than ever to consider deals as they come under pressure from rising compliance costs and low-fee investment vehicles such as index-tracking funds, which are performing strongly and discouraging clients from buying into actively-managed funds. 

Germany's largest lender, Deutsche Bank, is preparing a partial listing of its asset management business, while AXA Investment Managers is said to be exploring a tie-up with numerous rivals. Earlier this year, Standard Life merged with Aberdeen Asset Management to create the UK's largest active money manager. 

UBS, however, considers itself the “natural owner” of its asset management division, Gardner said. He added that he predicts the business will generate significant value over the coming years.