The executives of UBS Private Equity SA, the French private equity arm of the Swiss bank, have secured their independence from UBS and renamed the business Avesta.

Avesta will continue to manage the portfolio it ran as part of UBS. It also plans to launch a new fund, which will be managed in the same style as the existing portfolio, making a small number of investments in firms in consolidating industries and devoting considerable management time to each one. It hopes to gather €200m ($180m) for the new fund.