UBS plans to scale back its wealth-management activities in Moscow that serve clients who deposit their funds offshore as the bank streamlines operations in some emerging markets, according to two people with knowledge of the decision.
Bloomberg News reports that by closing the wealth-management representative office, UBS will stop marketing its money-management services, said one of the people, who asked not to be identified because the information hasn’t been made public. Clients typically book funds outside the country, said the person.
The overhaul follows a new law implemented in Russia this year that aims to boost transparency on assets abroad and allows the taxation of profits on funds held outside the country.
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