UBS AG's Wealth Management Americas business on Monday said its second-quarter adjusted profits fell as higher litigation and regulatory costs put pressure on the Swiss bank's brokerage division.

UBS Wealth Management Americas, which includes what was formerly known as PaineWebber Group, said adjusted pre-tax profit fell to $231 million in the quarter ended June 30, from $293 million in the first quarter of this year.

The results were hurt by a $71 million increase in money set aside for litigation and regulatory matters, and a $21 million increase in legal fees.

Net interest income rose 9 percent to $568 million on higher lending and deposits, and recurring net fee income inched up 3 percent to $976 million on growth in managed account fees.

Clients also withdrew $3.9 billion to pay for taxes during the second quarter, roughly $700 million more than the $3.2 billion in net new money clients put into wealth management accounts.

Other banks reported similarly high outflows due to April's tax season. However most still reported an increase in net new money.

Bank of America earlier this month said its wealth management business at Merrill Lynch and U.S. Trust generated a second-quarter pre-tax margin of 24 percent on net income that fell 5 percent from a year earlier to $690 million. Net new assets collected by the bank's almost 18,000 retail brokers and bankers rose 2.1 percent to $14.6 billion.

Morgan Stanley said last week its wealth management unit recorded a second-quarter pre-tax profit margin of 23 percent on net income that rose 20 percent from a year earlier to $561 million. Its 15,771 brokers collected $13.9 billion of fee-based assets, up 11 percent from a year earlier.

UBS Group AG Chief Executive Officer Sergio Ermotti told analysts on a conference call on Monday that the unit was "critical" to the business's operations and growth in the world's largest market, and that there are no plans to sell it.

"This strong business, with its strategic and financial importance, looks attractive to our competitors, but it's worth even more to UBS and its shareholders, and that's why it's not for sale," said Ermotti.