Money manager Vanguard said on Monday it will establish a new advice and wealth management division led by industry veteran Joanna Rotenberg. The move comes as leading asset managers expand their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape.

Swiss banking giant UBS is reportedly planning to restructure its US wealth management operations, targeting client focus beyond the ultra-wealthy. The restructuring forms part of UBS’ efforts to close the profitability and size gap with larger competitors such as Morgan Stanley and Bank of America's Merrill Lynch,

UBS plans to overhaul its wealth management business in the United States, splitting the operation into six divisions and focusing more on clients that are not super wealthy, according to an internal memo and a media report on Tuesday.