The four-member team is led by Elbridge Gerry, the spokesperson was quoted as saying. Another team member, Kevin McIntyre, a senior portfolio manager, also decided to remain with UBS.

"They've concluded that the infrastructure and global reach of UBS asset management are something that they want to continue to take part in," a UBS spokeswoman was reported as saying, adding that the bank plans to grow this part of its business.

A number of senior staff have left UBS’s banking and wealth management operations over the past year; the firm has been hit by lawsuits in the US and heavy write-downs connected to the collapse of the US sub-prime mortgage market. In May, the bank said it will stick to a policy of paying market wages after being criticised for raising salaries at its investment bank.

The asset management team serves wealthy individuals and institutions, including pension funds.