UBS Shutters Unit Meant to Help Overwhelmed Hedge Fund Traders

UBS Group AG is shuttering its outsourced trading desk, which had grown to become one of the biggest such offerings on Wall Street in recent years.

The company began informing clients of the decision and gave them three months to find a new provider, according to people familiar with the matter. UBS is not closing its execution hub as part of the move, one of the people said, asking not to be identified discussing non-public information.