Shrugging off problems related to the Madoff fraud, Union Bancaire Privee has confirmed to WealthBriefing that it has several billion Swiss francs available for takeovers and is looking for acquisition opportunities in Switzerland, following an interview given by the private bank’s chief executive.

Speaking to Swiss newspaper Neue Zuercher Zeitung, Guy de Picciotto said UBP is looking to diversify and sees takeover opportunities in Switzerland’s private banking sector on the back of the financial crisis having driven down prices.

Mr de Picciotto is quoted as having said that the bank is aiming to increase its exposure to Asia in particular. Rather than employing an investment bank in its search for buys, UBP is reportedly relying on its own network of contacts.

Mr de Picciotto also said UBP aims to trim back hedge fund activity from its current level of 40 per cent of its business to 30-35 per cent. The bank will increase its exposures to long-only investment products, bonds and niche products as part of its diversification plans.

In the aftermath of the discovery of the Madoff fraud, UBP has emerged as one of the hardest-hit private banks, saying that it had about $700 million in Madoff-related investments through its funds of funds and client portfolios.

UBP, which is one of the largest investors in hedge funds globally, was part of an international network of so-called feeder funds that channelled money into Mr Madoff's investment firm.