UBS

The bank was ordered to pay more than $5 billion over a tax-evasion case in France.

The megabank was ordered to pay billions over a tax-evasion case.

Though the firm reduced recruiting efforts in 2016, it continues to selectively hire talent from rivals.

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.

It’s a topic that’s been forced into the open in recent weeks, testing a long-standing partnership between the chief executive and Chairman Axel Weber.

Advisors Daniel Conners and Michael Crawford were looking for new tech and more comprehensive planning offerings for their clients.

A member-owned market is the wrong response to rising fees.