Nexar was founded in 2009 by alternatives specialists Arie Assayag, Eric Attias and Bernard Kalfon, who are global chief executive officer, chief investment officer and head of volatility strategies respectively. It has offices in New York and Paris. By acquiring the firm and forming a combined UBP-Nexar alternative investment group, the Swiss private banking house said it will gain a broader platform and enhanced global distribution capabilities.

UBP is itself already big on alternatives, having been active in this area since the 1970s and launching its first fund of hedge funds in 1986. It also offers a hedge fund advisory service and runs a number of pooled funds.

UBP has been hot on the acquisition trail recently, acquiring ABN AMRO’s Swiss bank in the summer of last year.

In January UBP reported a net profit of SFr176 million ($189 million) for 2011, including SFr22 million in integration costs stemming from the ABN AMRO acquisition.

Its consolidated profit for the year was SFr198 million, 8 per cent lower than in 2010, while its assets under management stood at SFr72 billion at the end of December 2011, up from SFr65 billion a year earlier. The AuM rise was largely attributable to the ABN AMRO purchase, the bank said.

UBP also said that it had a Tier 1 capital ratio of 22.1 per cent, well above the 6 per cent that will be required under Basel III from 2015.