Union Bancaire Privée, one of the largest private banks in Switzerland and a big investor in hedge funds, has suffered another executive resignation as staff churn continues at the group.

John Morgan, the head of research of alternative investment at UBP, has resigned and will be replaced by David Biase, head of asset allocation. The promotion of Biase will integrate UBP's fund of fund manager selection and asset allocation teams. Biase will continue as head of asset allocation.