UBS plans to close its listed investment funds business, which covers the UK investment trust sector and other alternative investment funds, as part of plans announced at the beginning of the month to refocus the investment bank on core activities.

The division, which provides sales, market-making, research and corporate broking to the listed funds sector, and employs about 10 people in London, will be wound down by the end of the year, according to a staff memo from William Kennedy, head of European equities, Simon Warshaw and Hermann Prelle, co-heads of European investment banking yesterday.