Staffers in the global wealth-management division will remain at UBS’s offices at 1285 Avenue of the Americas, in midtown Manhattan.

Despite Goldman Sachs’ sale of its Personal Financial Management unit, the Wall Street firm says it’s doubling down on serving registered investment advisors. “We don’t want to compete with RIAs. But we want to serve RIAs,” said a Goldman Sachs exec.

Andy Sieg is joining Citigroup to run the firm's global wealth business this month.

The same private equity players fueling RIA consolidation are likely to next set their sights on the fragmented universe of advisory firm tech vendors, according to a discussion among industry executives at last week’s “Wealthies” Awards'...