Union Bank of Switzerland is readying a series of initiatives aimed at quadrupling its U.S. private banking assets over the next three to five years, top executives said.

Next month, the Zurich-based banking company will launch a mutual fund family for investors with at least $1 million of assets. The move would open the company's doors to a new slice of wealthy clients: UBS currently limits its private account services to those with at least $3 million.

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