After abandoning a deal to acquire Wealthfront, UBS Group AG now will focus solely on the high-net-worth and ultra-high-net-worth US clients, thereby steering away from the bank's plan to serve a broader segment of affluent customers.

Chairman Colm Kelleher announced at a conference that "where we bring alpha is High Net Worth and Ultra High Net Worth." Kelleher's comments are the first public ones stepping away from CEO Ralph Hamer's plans to grow the US-based business by widening the client base to the mass affluent, according to AdvisorHub. Kelleher indicated that the bank would forego any deals in the future and instead focus on perceived missed opportunities, including cross-selling to existing clients.

UBS is focusing on US and Asia expansion as wealth pools grow. According to Kelleher, the bank has been slow to identify cross-selling opportunities to wealth management clients while ruling out further US deals. He said UBS also would set targets for its wealth management expansion there.

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