UBS found itself in the awkward position of recruiting more advisors in the United States last quarter but watching its overall client accounts shrink anyway.
According to the Swiss bank's latest quarterly numbers, UBS brought in a net 51 advisors between April and June, putting it up 1.5% over last year.
They say attrition is near record lows and experienced advisors keep signing up.
But that recruiting effort represented the main source of new client flows during the quarter, UBS says.
Otherwise, clients seem to have gone elsewhere. The unit's overall AUM -- reported in Swiss francs -- dropped 6.3% quarter to quarter, or 7.3% when converted back into dollar terms.
Significantly, on a per-advisor basis, the shrinkage resulted in a 11% decline in invested AUM per advisor over the quarter, with the average UBS rep now responsible for $14 million less than he or she was running back in March.
Total advisor compensation dipped 6.7% over the quarter and 13% on a year-over-year basis.
And yes, the CEO had to repeat again that despite rumors the unit is not for sale.