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UBS to close doors on India wealth management business

UBS’s wealth management business in India is to be wound down as the Swiss giant pivots from “capital-intensive” to “capital-light” businesses in line with its global strategy to reduce expenses by US$3.6 billion by 2015, according to a Hong Kong-based insider familiar with the situation. The source has told Asian Private Banker that UBS Wealth Management’s retreat stems from its decision…

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