$3bn Raised For Monaco-Based Hedge Fund
A former star trader with UBS has reportedly raised US$3 billion for a new
Monaco-based hedge fund which is due to open next month. The SRM Global Fund is one of the largest hedge fund start-ups of the year
and is the brainchild of Jon Wood, who earned UBS US$2.4 billion during a six
year period with the bank. UBS has invested US$500 million in the fund, according
to reports published in the global financial press. It is the latest in a line of multi-billion hedge fund start-ups in recent
times as investors seemingly flock to managers with impressive track records
amid some lean returns for the hedge fund sector as a whole. However, in the case of SRM Global, safety comes at a price. The fund is charging
a 25% performance fee, and those locking up their month for three years will
pay a 1.5% management fee. The management drops to 1% for investors prepared
to tie their money into a 5-year lock-up period. The fund is to focus on equity-based strategies, such as merging and 'distressed'
companies, and capital structure arbitrage. .
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