[prostoalex]

This includes their wealth management division. The relationship between customer and their wealth manager can range from very stringent "Buy AAA bonds and index funds for my account, rotate quarterly to harvest tax losses, always keep 5% in cash" to "Maximize my gains by taking various bets that might or might not be associated with UBS".

On the trading side they would have a variety of instruments (hedge fund is probably the most convenient and easily understood wrapper for various "miscellaneous" financial activity, but there are also private REITs, MLPs, CEFs, etc.) which would then try to attract funds. The funds would bring money from various sources, such as firm's own money, partners' personal capital, as well as wealth managers, some of which could be associated with UBS. This is the actual money available to quants.