UBS Group AG has chosen to divest $5 billion in assets managed for affluent clients as it navigates the components of Credit Suisse that UBS wishes to discontinue.

During the third quarter, the bank transferred those assets from the wealth management division to the wind-down unit, as revealed in a quarterly report. Furthermore, $30 billion worth of assets in the wealth unit underwent reclassification as "related to non-strategic relationships", as reported by AdvisorHub. 

The assets shifted out of the wealth unit, causing a 3% decline in invested assets within the division compared to the previous period. The bank also announced the stabilization of Credit Suisse's wealth management business, marking the unit's first positive client flows in a year and a half.

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