(Corrects spelling of name in headline)

UBS AG (UBSN) must retain a global investment bank alongside its worldwide asset management business, Juerg Zeltner, head of wealth management at the bank, told Finanz & Wirtschaft.

“Why should UBS farm out client orders?” the Swiss newspaper quoted Zeltner as saying. “Without an investment bank we would have to replicate one. Other banks would gladly take business from us.”

To contact the reporter on this story: Leigh Baldwin in Zurich at lbaldwin3@bloomberg.net

To contact the editor responsible for this story: Matthias Wabl at mwabl@bloomberg.net