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Union Bancaire Privée
Union Bancaire Privée was founded in 1969 by Edgar de Picciotto, who built the bank from a small Geneva wealth advisory into a global alternatives heavyweight.
Union Bancaire Privée
Union Bancaire Privée was founded in 1969 by Edgar de Picciotto, who built the bank from a small Geneva wealth advisory into a global alternatives heavyweight. His son, Guy de Picciotto, now serves as Chairman, maintaining family control in an era when most Swiss private banks have been absorbed by conglomerates or converted to corporate structures. The founding wealth originated from the de Picciotto family's trading and entrepreneurial ventures, though the bank's primary engine has always been external client capital rather than proprietary family wealth. UBP directs the majority of its discretionary and advisory assets into alternative investments, notably hedge funds, long-only equities, and private equity. The bank's largest single strategic move came in 2019, when it acquired GAM's fund-of-hedge-funds business, a transaction that brought roughly CHF 20 billion in assets and instantly expanded its London-based alternatives team. UBP runs a global asset management arm co-led by Nicolas Faller, overseeing strategies including Japanese equity long/short, global macro, and direct private debt. The bank co-invests alongside external managers and has established dedicated real-asset and impact investing teams in Geneva and Zurich. Key mandate hubs include Geneva, Luxembourg, and Hong Kong, serving ultra-high-net-worth families and institutional clients across Europe, the Middle East, and Asia. Total client assets stood at approximately CHF 147 billion as of mid-2023 (per the bank's communications). UBP employs roughly 2,000 professionals across more than 20 locations globally, with its largest non-Swiss offices in Luxembourg and Hong Kong. The bank operates a dedicated private banking arm alongside UBP Asset Management, which functions as a distinct institutional-quality alternatives platform—an architecture that allows UBP to serve end-clients while competing for external institutional mandates. May 2024: UBP announced the acquisition of Société Générale's Swiss private banking subsidiary, further consolidating its position in the Swiss wealth management market (per the firm, May 2024). The bank's family-controlled, partnership-driven governance sets it apart from publicly traded universal banks. UBP maintains no investment banking division, no retail branch network, and no compliance conflicts with a parent balance sheet. This structure allows the alternatives team to access capacity-constrained hedge fund managers that often close to institutional allocators with complex regulatory overlays. Guy de Picciotto remains actively involved in strategy, and the bank's succession planning quietly integrates the next generation of the family into governance roles without diluting operational control.
General information
Firm type
Bank / Wealth / Trust
Year founded
1969
Location
Region
Europe
Country
Switzerland
City
Geneva
Corporate office
Geneva, Switzerland
Additional offices
Luxembourg · London · Paris · Zurich · Basel · Monaco · Hong Kong · Singapore · Tokyo · Nassau
Principals
Guy de Picciotto
Chairman
Ian Cramb
CEO
Nicolas Faller
Co-CEO Asset Management
Sector focus
Frequently asked questions
Who runs investment decisions at Union Bancaire Privée?
Asset management is co-led by Nicolas Faller as Co-CEO of Asset Management, overseeing a platform that spans hedge fund selection, long-only equities, and private markets. Investment committees operate at the strategy level, with portfolio managers in Geneva, London, and Hong Kong running dedicated mandates. The de Picciotto family, through Chairman Guy de Picciotto, retains strategic oversight but does not direct individual investment decisions.
Does UBP operate as a bank that happens to manage money, or as a true asset manager?
UBP structurally separates its private bank and asset management divisions, with the asset management arm functioning as an institutional-quality alternatives platform. External institutions can hire UBP Asset Management directly for hedge fund mandates without opening a private banking relationship. The bank reports consolidated client assets, but the alternatives business competes directly with standalone fund-of-hedge-funds operators like Blackstone Alternative Asset Management.
What was the significance of the GAM acquisition for UBP?
In 2019, UBP acquired GAM's fund-of-hedge-funds business, absorbing approximately CHF 20 billion in client assets and a London-based team of investment professionals. The deal instantly scaled UBP's alternatives platform, making it one of Europe's largest allocators to external hedge fund managers. It also provided UBP with an established institutional client base across the UK and continental Europe that previously invested through GAM.
How does UBP source hedge fund capacity that other allocators cannot access?
UBP's family-controlled, non-bank-affiliated structure allows it to negotiate favorable terms with capacity-constrained managers who prefer to avoid the regulatory and redemption-risk profiles of large institutional allocators. The bank's long-standing presence as a Swiss private bank with no investment banking conflicts reinforces its reputation as stable capital. Portfolio managers often cite this structural independence as a sourcing advantage when competing for allocations to demanded strategies.
Is UBP still family-controlled?
Yes. Guy de Picciotto serves as Chairman and represents the founding family's controlling interest. The de Picciotto family has maintained ownership since Edgar de Picciotto founded the bank in 1969, making UBP one of the few remaining family-controlled Swiss private banks of scale. Succession planning integrates the next generation into governance roles without external shareholders.
Does UBP co-invest directly into private companies?
UBP primarily accesses private equity through external funds and co-investment vehicles rather than direct company-level investing. The bank's private equity group commits to primary funds and selectively participates in co-investment opportunities alongside established general partners. Direct single-deal exposure is limited and typically reserved for the largest client relationships.
Which regions drive the majority of UBP's client business?
Europe remains UBP's dominant client base, particularly Switzerland, France, and the UK, with Luxembourg serving as a key fund domicile. Asia represents the fastest-growing region, managed primarily from Hong Kong and Singapore, targeting ultra-high-net-worth families and single-family offices. The Middle East is served via Geneva-based relationship managers and the Dubai office.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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