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UBS said recurring fees from wealthy customers — a main source of revenue — fell 6% because investments had declined due to falling markets
The UK’s largest wealth manager has faced criticism over charges, rogue advisers and more, but is sticking to its guns
Advisers say the burden of balancing the government’s books "will be falling further and further on the shoulders of the wealthy in the UK”
The latest move means Citi's private bank no longer falls into its institutional clients group
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