UBS Group AG has decided to exit $5 billion in assets it manages for rich customers as the Swiss firm sorts out the pieces of Credit Suisse it doesn't want.
The lender moved the assets from the wealth management division to the wind-down unit during the third quarter, according to a quarterly report published Tuesday.
In addition, $30 billion worth of assets in the wealth unit were reclassified as "related to non-strategic relationships."
UBS has been going through Credit Suisse's clients and their assets since closing the emergency takeover of the smaller rival in June as it seeks to ensure the acquired businesses conform with its more conservative risk approach.
The lender has already said it plans to cut back Credit Suisse's investment bank and put its bankers through a "culture filter" to weed out undesirable practices.
