As regulatory hurdles stifle banks, family offices and hedge funds are doing more deals on their own. : (Bloomberg) -- UBS Group AG’s top banker to billionaires said the wealthiest clients are sidelining financial institutions as they close private transactions without advice from investment banks. Family offices and some hedge funds are increasingly completing deals with each other or banding together on direct investments as eking out returns in public markets gets harder, Joe Stadler, UBS’s head of ultra-high-net-worth clients, said in an interview.