UBS went through a weakened stage in 2006/2007/2008 (roughly 40 billion dollars in the mortgage loan business at the time). Whatever emerged out of that in the next five years...was probably some type of buy-out by Chinese investors. It’s not the same UBS that existed prior to the 2008 Wall Street ‘fall’. it may look like a private-owned bank but it’s likely to be CCP-puppets running their strategy.
UBS Securities was set up specifically as a vehicle for mainland China investors.
As I mentioned, it has been reconfigured since inception specifically to disguise its operation, composition and investors.