Union Bancaire Privée (UBP) saw its assets under management (AUM) fall Sfr 19.07 billion ($17.66 billion) in the first half of 2009. AUM totalled Sfr 81.63 billion ($75.58 billion) at June 30, 2009 compared with Sfr 100.7 billion ($94.78 billion) at the end of 2008.

The drop in AUM reflects the contraction of the alternative asset management industry, which started in the last quarter of 2008 and lasted throughout the first half of this year, and the flow of assets into traditional investments.

Despite the fall, UBP is still attracting new clients to traditional investments with Sfr 4 billion ($3.704 billion) in net new money from private clients since the start of the year, a rise of 8.64%. This does not taking into account divestments from alternative investments.

For the first half of 2009 UBP reported gross earnings of Sfr 166.9 million ($154.5 million), in line with the bank's expectations.

"Over the first half of the year, we focused on preserving our clients' capital, recruiting top-flight talent, seizing new investment opportunities and curbing our costs," said UBP CEO Guy de Picciotto. "We also revised our business model. The decisions taken pave the way for the Bank's future and confirm our long-term commitment to our clients."