UBS has today announced it will make sustainable investments the first port of call for clients in its global wealth management business, which looks after US $2.6 trillion (£2 trillion) in private client assets.

The bank said that while “traditional” assets will remain most suitable for some clients, it was now working on the assumption that a portfolio comprised completely of assets it deems “sustainable” can deliver similar or “potentially higher” returns.

According to its most recent in-house sustainability report...