GENEVA (Reuters) – Union Bancaire Privee (UBP) aims to reinforce its presence in the hedge funds segment as rivals feel the pressure from the prolonged financial crisis, a senior bank official said on Tuesday.

"Only the best will survive and will be able to seize the space left vacant by others," said Jan Erik Frogg, head of alternative investments at UBP, told Reuters.

"There will be some unique opportunities."

The hedge fund market is going to contract by 30 percent to 35 percent as the financial crisis prompts investors to flee risky assets, UBP predicts.

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The Money Times – A U.S. House committee Thursday reviewed hedge funds, which the panel’s chair called "virtually unregulated."

Because they aren’t required to report on their holdings, leverage or strategies, "hedge funds are virtually unregulated," said Rep. Henry Waxman, D-Calif., chairman of the House Committee on Oversight and Government Reform. "Regulators aren’t even certain how many hedge funds exist or how much money they control."

That segment of the financial industry is "growing rapidly," Waxman said, adding he was concerned that hedge funds, as other financial sectors, could collapse.

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