UBS tried without success earlier this year to sell its
Canadian wealth-management business, the Wall
Street Journal has reported, citing unnamed sources.

A UBS spokesperson declined to comment on the matter, but
said the firm remains committed to its Canadian clients, the WSJ said.

UBS declined to comment when contacted by Family Wealth Report. 

In January, UBS’s Canadian asset management unit sold its
Canadian fixed-income, equity and domestic balanced funds business for C$52
million ($50.5 million) to Fiera Capital, a Montreal-based investment firm. The
acquired funds had assets under management of C$8 billion. That same month,
UBS’s Canadian investment bank cut almost half of its staff.

The Americas
business of UBS, which had suffered in the aftermath of the 2008 financial
crash, has fared better recently. Wealth Management Americas’ profit before tax
was $258 million compared with $251 million in the prior quarter. Adjusted for
restructuring charges, profit before tax increased by $7 million to $269
million from $262 million. Operating income was $1.792 billion compared with
$1.737 billion in the prior quarter. Operating expenses were $1.534 billion
compared with $1.486 billion. Net new money inflows declined to $2.8 billion
from $9.2 billion, partly reflecting client withdrawals of around $2.5 billion
associated with annual income tax payments.