Swiss banking giant UBS AG said yesterday it will move a portion of the institutional municipal securities group into the bank's wealth management division as part of a secondary market business that will continue to serve the bank's wealth management clients. This will be done after it either closes or sells the remainder of its municipal bond shop.

The unit is likely to include about one hundred traders and other personnel, out of the 323 that now work in the municipal securities group, according to the publisher of The Bond Buyer's Municipal Marketplace. The secondary market unit will support about 8,200 financial advisers and more than 2 million clients, according to the bank.

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