Union Bancaire Privée [SEP] inception
Union Bancaire Privée
Union Bancaire Privée (UBP SA) was founded in 1969 by Edgar de Picciotto. It is one of the most highly capitalized private banks, and a major player in the field of wealth management in Switzerland with CHF 134.4 billion of assets under management.
UBP is a full-scale wealth management bank for private and institutional clients. The bank is headquartered in Geneva, Switzerland and has 1,772 employees.
History.
Edgar de Picciotto established the Compagnie de Banque et d’Investissements (CBI) in Geneva
Court for the Southern District of New York threw out the class action against Union Bancaire Privée that had been brought under state law, holding that private securities class actions alleging misrepresentations or omissions must be brought under the federal securities laws.
On December 6, 2010, Union Bancaire Privée announced it had reached a settlement with Irving Picard, the trustee for Madoff Investment Securities. UBP agreed to pay as much as $500 million to resolve the trustee's claims. UBP was the first bank to settle the Madoff trustee's claim