UBS , the world's biggest wealth manager, has laid off a team of six private bankers in Singapore who were managing wealth for Turkish clients, sources told Reuters on Monday.

The team was managing clients' assets worth between $200 million to $300 million and was hired from Swiss rival Credit Suisse two years ago, a source briefed on the situation told Reuters.

A second source said the firm has no plans to exit wealth management for Turkish clients despite the removal of the team in Singapore, which was done as part of a group restructuring.

Like any organization, UBS continually reviews its strategic needs and resources the businesses according to the environment and its outlook, a spokeswoman said.

(Reporting by Jan Dahinten and Saeed Azhar; Editing by Neil Chatterjee)