(Bloomberg) -- UBS AG, the world’s largest wealth manager, said clients are shifting money to be managed directly by the bank or pay for advice in a reversal of previous outflows after it revamped services to boost profitability.

The mandates business had cumulative net inflows of more than 20 billion Swiss francs ($23 billion) in 2012 and the first nine months of this year after customers pulled about 15 billion francs in the previous two years, Chief Investment Officer Alexander Friedman and William Kennedy, who heads the unit that manages the business, said in a telephone interview. UBS doesn’t officially publish data on mandates.

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