UBS

The operation will start with six employees and offer services to boutique firms that don’t have the capabilities of a large private bank.

The changes are the firm's latest steps in a broad reorganization of its wealth management business since it hired Iqbal Khan from rival Credit Suisse.

The additions came amid a revamping of the firm’s independent advisor compensation.

So much faith has been put on the partial trade deal with China that stocks have nearly recovered since President Trump’s first round of tariffs on imports.

The firm is looking for ways to maintain its edge and reinvigorate its shares, which have trailed rivals over the past year.

In 90% of families, wealth disappears by the end of the third generation.

The wirehouse last made changes to its compensation plan in 2016.

The Wall Street executive founded three companies, including private-equity firm Lightyear Capital.

Like other bank-owned asset managers, the division is under pressure from new regulations such as MIFID II and a protracted shift toward passive investing.

The move underscores wealth managers’ increasing focus on the not-yet-fabulously rich to boost profitability.