UBS Clear to Move $36.5 Billion of Assets to Germany Over Brexit

The impact of Brexit on London’s financial sector came into stark relief as a judge approved plans by a UBS Group AG unit to shift some of its U.K. business -- involving assets valued at more than 32 billion euros ($36.5 billion) -- to Germany. The Swiss bank’s plans are a response to the “external shock” of Britain’s exit from the European Union, not designed for “commercial advantage” or based on any “internal rationalization,” said Judge Alastair Norris in London, who approved the proposal Tuesday.