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dieser Fond hat gestern wieder HudBay gekauft: +++++++++++++++++++++++++++++++++++++++ Former UBS Trader Wood to Open Hedge Fund With $3 Bln (Update1) By Katherine Burton July 31 (Bloomberg) -- Jon Wood, a former UBS AG trader who helped the Zurich-based bank earn $2.4 billion over a six-year span, raised more than $3 billion for a hedge fund he plans to open in September, said two of his investors. Wood, 44, and four former colleagues will focus on U.S. and European equities at Monaco-based SRM Global Fund. Wood never lost money for clients during his 16 years at UBS, according to a marketing document sent to prospective investors. UBS is investing $500 million in Wood's fund for at least five years, SRM's document said. SRM Global is one of this year's biggest hedge fund start- ups. Michael McCaffery, former head of Stanford University's endowment, raised about $7 billion for Makena Capital Management after he stepped down in June. Annual hedge fund returns averaged 9 percent in the past two years, less than half the gains of the 1990s, according to Chicago-based Hedge Fund Research Inc. In the first half of 2006, funds rose 6 percent. ``Fund returns have been pedestrian, so people are putting a premium on pedigree,'' said Tim Jackson, a partner at Rocaton Investment Advisors LLC in Norwalk, Connecticut, which advises clients on investments in hedge funds. ``In order to raise more than $1 billion, you have to have the right background.'' Wood, who was a managing director at UBS before he resigned, didn't return telephone calls seeking comment. Net Inflows New investments in hedge funds, private partnerships catering to wealthy investors and institutions, topped $66 billion in the first half of this year, up from almost $47 billion during all of 2005, Hedge Fund Research reported. The inflows peaked at $99 billion in 2002. The industry manages a total of about $1.2 trillion. SRM Global's strategy will include trading shares of companies that are merging. It also will try to profit from the price differences of related corporate securities, or so-called capital structure arbitrage. Wood will invest in companies or industries that have gone through ``periods of stress'' and are ``out of favor,'' according to the marketing document sent to investors. At UBS, Wood usually held 30 to 40 positions at a time, and he held stocks for an average of three or four years. SRM Global is offering two fee structures. Investors choosing to lock up their money for five years will pay a 1 percent management fee, while those electing for a three-year lockup will pay a 1.5 percent fee. The fund will take 25 percent of any profits it earns. Bond Group Former UBS executives who are joining SRM are Ian Barclay, who will be deputy chief investment officer, Philip Price, who will serve as chief operating officer, Adrian Marsh, who will be a trader and analyst, and Andrew Mortimer, who will be head of operations, according to SRM's marketing document. UBS won't have an ownership stake in SRM Global. UBS earned $4.8 billion from equity trading worldwide in 2005, according to company filings. That was second only to Goldman Sachs Group Inc. The equities division was UBS Investment Bank's biggest and fastest-growing source of revenue in the first quarter of this year, according to the bank's Web site. The bank doubled the equity-related risk it took in the first quarter. The bank's fixed-income trading group hasn't been as successful. John Costas, UBS's former head of investment banking, and about 120 employees from the bank's bond and real estate teams last year formed Dillon Read Capital Management, a UBS-owned hedge fund. UBS Chief Executive Officer Peter Wuffli said in February he plans to hire fixed-income traders and increase risk-taking to address weak returns. Last Updated: July 31, 2006 16:12 EDT |
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| aus der Diskussion: | Blei/Zink/Silber-XXL-Resourcen : Hudbay minreals |
| Autor (Datum des Eintrages): | Plotin (25.09.07 18:33:26) |
| Beitrag: | 6 von 142 (ID:31740267) |
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