Wealth M&A is in the spotlight as rapid consolidation continues
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Fitzpatrick succeeds Andrew Croft who has been with the firm since 1993, serving in the top job since 2018
The bonds included a clause that points at the potential for them to be wiped out but some investors were unaware of this risk
CEO Paul Stockton says long-term trends are still in the sector's favour
UBS said recurring fees from wealthy customers — a main source of revenue — fell 6% because investments had declined due to falling markets
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