The head of UK institutional business at fund of funds firm Union Bancaire Privée has quit after less than a year in the job and will join a rival later this year, Financial News has learned.

Phelim Bolger, who was promoted to the role at the end of last year when his predecessor resigned, has lined up a job as head of UK sales at HSBC Alternative Investments, known as HAIL, according to three people familiar with the situation. HAIL is the alternatives arm of HSBC Private Bank.