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UBP Hedge Funds CEO Said to Leave Amid Plan to Absorb Unit

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Union Bancaire Privee’s head of alternative investments, Arie Assayag, will leave amid plans by the Geneva-based bank to merge the unit with its main asset management business, a person with knowledge of the matter said.

The hedge-fund investing unit, which oversees about 8 billion Swiss francs ($9 billion) of capital, will be absorbed to help cut costs, according to the person, who asked not to be identified because the plans are private. UBP will continue to promote alternative investments and funds of funds to institutional investors, the person said.