UBS AG's wealth management unit for the Americas plans to open a Manhattan office, according to an internal memo issued Thursday.

Some analysts were skeptical about UBS's effort to expand into New York at a time when many large financial services companies are retrenching.

Allison Chin-Leong, a UBS spokeswoman, said, however, that "despite the ongoing market turmoil and challenging time, we feel that New York City is an important strategic market to grow our business as part [of] the plan to grow in the top 15 markets."

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