Problems rise further for one of the World's biggest providers of wealth management services UBS AG's Wealth Management Americas unit as clients continue to withdraw assets for the third straight quarter.

The financial services player witnessed an outflow of a total of $11.6 billion in the last quarter of financial year 2009. Majority of the damage came from the US, where clients withdrew $10.5 billion. The cause for the same is supposedly the dent its image sustained after its clash with the country's tax department on the issue of the bank's secrecy.

Moreover, its operating income for the full year 2009 remained at $1.34 billion down by 3 per cent as compared to 1.39 billion in the previous fiscal. Year-on-year profit before tax too fell to $171.5 million against $263 million in 2008.

The particular unit of UBS is also facing a tough time for exits of financial advisors and controlled recruit of brokers with experience. In the last quarter itself, it saw 202 advisors stepping out of its door, bringing down the count to 7,084. Same time last year it had 8,607 advisors. Even the company itself had removed a few, mostly novice, advisors. On the other hand its competitors like Wells Fargo and Merrill Lynch has advertisers count of over 14,000.