The changes come as UBS seeks to integrate Credit Suisse following last year's acquisition, which means cutting out smaller operations and duplicated functions, and less profitable accounts, among other features.

UBS’s joint venture in Japan will acquire Credit Suisse’s wealth management business in the country, the JV said. This continues moves to spin off smaller Credit Suisse businesses and cut duplication of roles.

UBS SuMi Trust Wealth Management Co will bring Credit Suisse Securities Japan unit’s employees and clients’ assets into its embrace, the JV said a statement this week.

The JV is 51 per cent-owned by UBS Securities Japan Co with Sumitomo Mitsui Trust Holdings holding the remaining 49 per cent. 

A report by Bloomberg (8 April) said the wealth management arm of UBS requires clients to have at least $2 million, and this standard will be applied to clients held by Credit Suisse Securities, possibly making some clients ineligible for the service.

As reported earlier this week, UBS is reportedly in talks to take full ownership of its China platform by swapping its holding in Credit Suisse’s onshore securities venture with a Beijing government investment fund.

The changes are being sought as UBS integrates the Credit Suisse operations which it acquired in last year's "shotgun wedding."