It is understood that a report stating that has culled “the majority” of its bankers from a non-resident India team in Hong Kong and pruned its Singapore business significantly overstates the scale of departures.

This publication has been aware for over a week, via an Asia-based source, that there have been moves from UBS’s NRI teams in Asia and sought to establish the size of any moves and what was the reason for any change. One suggestion was that two-thirds of the team had been axed but WealthBriefingAsia understands that this significantly overstated the matter.

Responding to a report by Asian Private Banker with the headline “UBS removes majority of bankers from HK NRI team, prunes Singapore,” a spokesperson for UBS told WealthBriefingAsia: "We have over 30 people in the NRI team in Asia Pacific, and UBS continues to be committed to service the non-resident Indian wealth management clients." The bank was asked who exactly has gone but at the time of going to press it did not give any names.

In August, UBS made a number of high-level management changes for the Asia region; for more on those developments,