UBP to use SWIFT’s hedge fund messaging solutionSWIFT aims to sign up more institutionsPublished on 18 September 2008 | Left to right: Ulrich Tschopp. Executive Vice President, Union Bancaire Privee. Cristina Rigo, Senior Account Director, SWIFT. Olivier Constantin, Senior Vice President, Union Bancaire Privee. Marco Attilio, Regional Head of Sales, Investment Funds, EMEA, SWIFT. Eric Colombara, Union Bancaire Privee. Klaus Schritt, Senior Account Manager, SWIFT | |
Union Banquaire Privée (UBP), one of the largest private banks in Switzerland, has signed up to use SWIFT’s hedge fund messaging.
“The operations processing of hedge funds is becoming more and more complex, and urgently needs to be standardised and automated,” says Ulrich Tschopp, executive vice president, head of operations at UBP. “For UBP, as a big provider of services to funds and funds of hedge funds, this initiative with SWIFT is the best solution for the future.”
UBP has USD 60 million of funds under management in hedge funds and funds of hedge funds.
SWIFT’s messages for hedge funds use the new XML ISO 20022 standards. According to David Hardman, senior account director, global custodians & administrators, UK & Ireland, SWIFT, the big benefits of sending hedge fund messages over SWIFT are the secure network and the standard messaging.
Hardman expects the number of firms signed up to hedge fund messaging to grow. “We have another seven institutions signed up and we expect another five to 10 by the end of the year,” says Hardman.
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