UBS Group AG's co-heads of wealth management, Iqbal Khan and Tom Naratil, plan to disassemble the bank's ultra-high-net-worth unit to bring some clients under regional divisions, Bloomberg News reported Dec. 16, citing people with knowledge of the matter.

The head of the ultra-wealthy clients business, Joseph Stadler, will take over a new unit that takes wealthy clients that also need investment banking services and combines them with the Global Family Office, a joint venture between UBS Investment Bank and Global Wealth Management, the people said.

The restructuring of the wealth management business is expected to be included in the bank's strategy update in January 2020.

The bank is introducing a new coverage model that would use technology to reduce human interactions, aimed at Switzerland-based clients having between $500,000 and $5 million in assets, Bloomberg said. The new model will be applicable from early 2020, according to the report.