The world’s second largest investor in hedge funds has become the first high-profile name to appear as a victim of the collapse last month of London hedge fund manager Weavering Capital and its flagship fixed-income hedge fund.

UBS Global Asset Management last month wrote to investors in its Sfr225m (€147.9m) Alternative Portfolio AG about its 0.9% exposure, or around Sfr2m, to Weavering's Macro Fixed Income Fund, the $500m (€382.9m) fund that collapsed last month when it became clear it could not meet outstanding redemption requests of about $133m.