(Bloomberg) -- UBS Group AG's wealth unit will double its coverage of single stocks and increase the bonds it covers sixfold as it integrates some of Credit Suisse's research with its own.
The single securities research of Credit Suisse's wealth management will become part of UBS's chief investment office over the course of the next month, according to memos sent to clients of both banks. The memos were seen by Bloomberg News and the contents were confirmed by a UBS spokesperson.
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The move will enable UBS to double equities coverage to over 3,000 stocks while increasing bond coverage to 18,000 bonds from a previous universe of 2,600 bonds, according to the lender's memo.
UBS is in the middle of one of the most complex integrations in global banking since the financial crisis, as it seeks to retain the wealthy clients and private banking talent of its long-time rival while shedding riskier assets, for instance in the investment bank. The lender last week outlined major targets for that process and posted the biggest ever quarterly profit for a bank on the back of the bargain deal that closed in June.
Credit Suisse's securities research for the investment bank will also be integrated with UBS, according to a separate memo. As a result, it will start terminating coverage on Sept. 18.
Credit Suisse clients will continue to have access to “historic” Credit Suisse research until early October and institutional clients will be given access to the UBS research platform in the coming weeks, subject to their onboarding, according to the Credit Suisse memo.
(Updates with context in third paragraph.)
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