UBS Wealth Management

The recruits will operate from a new Cincinnati office.

The former broker bilked more than a dozen former clients over an eight-year period, prosecutors said.

The $314 million team made the change after deciding it was a better fit culturally

It’s been death by a thousand cuts as a steady stream of top talent strikes out on their own.

The firm has been aggressively recruiting wirehouse talent.

In the U.S., investors pulled $174 billion out of active equity funds last year as stock pickers struggled to outperform their benchmarks.

Increased volatility, rising protectionism and geopolitical tensions are still weighing on investors, the firm said.

Overseeing money for the rich is supposed to be one of the best businesses in banking, but even the world’s biggest wealth manager is finding that it doesn’t always work out like that.