UBS Wealth Management Americas reported net asset outflows of $11.2 billion in the fourth quarter as the division struggled to regain its footing in the competitive U.S. market. UBS blamed the outflows on advisers leaving the firm and taking clients with them as well as limited recruiting of experienced advisers.

UBS had a 21% increase in outflows in the fourth quarter, up from $9.3 billion in the previous quarter. The third-quarter outflows were also up from the second quarter.

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