No gain, no Paine

UBS is sending mixed signals about its US brokerage arm. The division that houses the former Paine Webber has just been split from the “core” wealth management business in Switzerland. That internal separation, which would make a sale easier, buttresses reports that UBS has sought to unload or merge the operation – reports that UBS hasn’t publicly denied. On the other hand, the US brokerage also has been on a pricey hiring binge, signing up 400 new advisers in recent months. That lends credence ...