Hedge Fund News From HedgeCo.Net


UBS’s Commodities Co-Head Quits to Join Hedge Fund

Bloomberg- Hunter Shively, global co-head of UBS AG’s commodities business for the past seven months, is resigning to join a start-up hedge fund that is raising money to trade energy futures.

Shively, 38, will stay on for two months to oversee the handover of the commodities unit’s North American energy operations, Jerker Johansson, head of UBS’s investment bank, said today in a memo to employees. Todd Morakis, who was named commodities co-head with Shively in November, will run the Stamford, Connecticut-based unit, according to the memo, which was confirmed by Sarah Small, a spokeswoman for UBS in London.

UBS, which has had the biggest net losses of any bank from the U.S. subprime-mortgage crisis, said in January it will reduce trading in power and natural gas in Canada, and pull out of some European energy markets. Shively plans to join Sasco Energy Partners LLC, a Westport, Connecticut-based firm that is looking to raise $750 million, according to a person familiar with the matter who declined to be identified.

Read Complete Article

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , , . Bookmark the permalink.

Comments are closed.