(Bloomberg) -- UBS AG, Switzerland’s biggest bank, still sees a “challenging environment” for its wealth management business as clients remain reluctant to invest on a large scale, Chairman Axel Weber said.

“Our clients have started to be a bit more active, but the current period is still one where risk-off has come back,” Weber said in an interview with Bloomberg Television’s Francine Lacqua today. “Our clients haven’t really made a big move to be back in the market and that’s why it’s still a challenging environment.”

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