Some of the details of a report on how the Swiss bank is restructuring its wealth management business are not entirely correct, this publication understands.

A news report saying UBS is centralising its European cross-border wealth management and running it out of Switzerland is not entirely correct in terms of how bankers can operate, this publication understands. 

A Reuters story on 19 April stated: “In countries such as Germany, Austria, Britain and the Netherlands, foreign bankers may travel to court new clients or make visits to existing customers on their home turf.” WealthBriefing understands this is not entirely accurate because rules relating to travel/client acquisition differ from country to country. 

UBS, the world’s largest wealth manager by assets under management, is due to issue first-quarter financial figures today.

The Zurich-listed lender did not comment about the story when questioned about it last Friday.

Last year UBS merged its wealth management organisations into a single structure. 

The news wire story last week said UBS will handle cross-border business for western Europe out of two regional units to help adapt the offshore business to differing regulations; the reported cited an internal memo it had seen. "The separation between Europe International North and South allows us to take strategic decisions based on market access regulations, which are tighter in southern Europe than in the north," the bank`s new head of wealth management for Europe, the Middle East and Africa, Christine Novakovic, reportedly said in the memo.

The news report said that in countries such as Italy, Spain and France impose tighter restrictions against cross-border visits and marketing. The report went on to say that Novakovic will directly oversee the southern unit -  including Italy, Iberia, France and the Benelux - on an interim basis, while Sonia Goessi will lead the northern unit, consisting of cross-border business from Germany, Austria, Britain, the Nordics and Netherlands.