From his office overlooking Geneva’s Jardin Anglais, Guy de Picciotto has a unique insight into the state of the hedge fund industry.

Earlier this year Union Bancaire Privée, the Swiss private bank of which he is chief executive, surpassed troubled compatriot UBS to become the largest allocator to the global hedge fund industry, according to a survey by InvestHedge, with $56.9bn (£32.2bn, €41.2bn) of assets under management. “In the first semester of this year there was still growth for hedge funds. Probably the next survey will be very different,” says Mr de Picciotto, the scion of UBP’s founder and chairman Edgar de Picciotto, hinting at waning desire among UBP’s own clients.