Geneva-based lender Union Bancaire Privee’s (UBP) alternative investments head Arie Assayag is set to depart from the bank.
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The announcement of Assayag’s departure comes amidst the bank’s plans to merge the alternative investments arm into a wider asset management arm, which will be co-managed by Eftychia Fischer and Nicolas Faller.
Assayag held the role of CEO since 2012, when UBP acquired Nexar Capital Group, a hedge-fund investor co-founded by Assayag in 2009.
According to undisclosed sources, the hedge-fund investing unit will be absorbed to help the bank reduce costs. The unit currently manages nearly CHF8bn ($9bn) of capital.
However, the Swiss lender will reportedly continue to promote alternative investments as well as funds of funds to institutional investors.
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