Thursday, 28 August 2014
Last updated 9 hours ago
Nov 1 2010 | 11:59am ET
Union Bancaire Privée is cutting back on its New York office—home to its alternative investments headquarters.
The Swiss private bank said it was refocusing its attention on Europe and Asia "to have more employees nearer our clients," UBP Asset Management marketing chief Emmy Labovitch told Financial News. As a result, "UBP is going to reduce its headcount in New York in favor of Europe and Asia."
New York will remain the center of UBP's fund of hedge funds operations, which lost some US$700 million in the Bernard Madoff Ponzi scheme. Since then, it has seen its fund of funds assets fall from US$43 billion to just US$16 billion.
Currently, UBP has about 90 employees in New York, compared to between 20 and 30 working on hedge funds in Geneva. Labovitch said "there will be some redeployment" of the former to the latter.
Labovitch said the move follows UBP's redirection of its alternative investments business towards an advisory function.
"Clients are getting more confident and are asking for more bespoke advice and customized portfolios," she said. "Our advisory business is largely based in Geneva and London."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...