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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