UBP assets plunge on hedge fund outflows

Swiss private bank Union Bancaire Privee [UBP.UL] saw a steep fall in assets under management in the first half of 2009 as clients pulled money from risky asset classes in the wake of the Madoff scandal. The bank, which has admitted an exposure of more than 1 billion Swiss francs to Bernard Madoff's $65 billion fraud, said on Wednesday client assets fell to 81.6 billion Swiss francs ($76.91 billion) at the end of June from 100.7 billion francs at the end of 2008.

The hedge fund segment was particularly hard hit as assets slumped to 25.7 billion francs from 45 billion francs at the end of 2008.