The troubled private equity business of UBS, which was rolled into the Swiss banking giant's investment banking division at the beginning of this year, has continued to stabilise, reporting revenues of Sfr52m (€33.8m) in the second quarter.

The bank said the turnaround, which followed revenue losses of Sfr57m in the same quarter last year, followed improved market conditions and a number of small realisations from its Sfr3bn portfolio, which has halved in size since the height of the technology asset boom. A fifth is held through third party private equity funds, the rest as direct investments.