Southeastern Asset Management, one of the largest shareholders in UBS, said its investment in the Swiss bank was a mistake after its funds lost over $1bn (€642m) in value over the first three months of the year.

Southeastern Asset Management owned 1.8% of UBS at the beginning of the year, according to a filing with the US Securities and Exchange Commission. In dollar terms, the value of UBS shares fell 38% over the first quarter of the year.