The Singapore team for the Swiss wealth management giant was managing clients' assets worth between $200 million to $300 million and was hired from Swiss rival Credit Suisse two years ago, a source briefed on the situation told the news service.

Singapore acts as an offshore booking centre for UBS' clients from Asia and Europe.

A second source said the firm has no plans to exit wealth management for Turkish clients despite the removal of the team in Singapore, which was done as part of a group restructuring.

"Like any organization, UBS continually reviews its strategic needs and resources the businesses according to the environment and its outlook," a UBS spokeswoman said in a statement as quoted by Reuters.

"Asia Pacific remains a strategic priority for UBS, and a region in which the group will continue to invest," she said. UBS declined comment on the layoffs.

Earlier this month, WealthBriefing reported that UBS has moved Tee Fong Seng, head of Southeast Asia wealth management, to a position in Hong Kong, as part of its restructuring in Asia. Mr Tee, who was previously based in Singapore, will head UBS’s new key clients competency centre for Asia Pacific. In Hong Kong Mr Tee “will dedicate his time to client-facing activities".

In other developments, Allen Lo, Christine Ong and Graham Francis have been appointed chief executives for UBS Wealth Management in Hong Kong, Singapore and APAC Hub, respectively.