Madoff-Scarred UBP To Cut Staff By 10%

Sep 1 2009 | 12:05pm ET

Swiss private bank Union Bancaire Privée, which lost 1 billion Swiss francs (US$943.4 million) in the Bernard Madoff Ponzi scheme, is slashing its staff after assets under management fell by nearly one-fifth.

UBP will cut 10% of its workforce, the firm said last week. The move follows a 19% drop in assets under management during the first half of the year; UBP’s hedge fund assets were even harder-hit, plummeting 43%.

“UBP should reduce its staff by 10% over the course of the year, from a headcount of 1,372 at the end of December, through redundancies, early retirements and not filling vacant positions,” a spokesman for the firm told Bloomberg News.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note