UBS has confirmed to WealthBriefing that it plans to close its listed investment funds business as part of plans to focus on core activities.

The London-based team, of approximately ten people, will be gradually wound down by the end of the year. The bank is looking to transfer the team as a going concern to another financial institution. 

The listed funds division covers the UK investment trust sector and other alternative investments, providing sales, market-making, corporate broking and research to the listed funds sector.

UBS also said it will continue to make markets in listed investment funds it currently trades, and will seek to assist those corporate broking and advisory clients who are directly affected to make suitable alternative arrangements.

UBS announced earlier this month that it is to exit or scale back certain business in order to focus on core activities.  The plan included an exit from commodities and downsizing in real estate and securitisation, and proprietary trading.