UBS Gives Top Prop Trader A Nice Farewell

When you’ve made $2.4 billion for your employer, he pretty much has to let you do what you want. And what UBS star prop trader Jon Wood wants is his own fund. Slated for a September 1 launch, the activist fund will be headquartered for regulatory purposes in Monaco, a first for the country. And don’t worry about Mr. Wood being able to pay his overhead in the beginning: He’s already got $3 billion of capital ($500 million from UBS) locked in for three years. At 1.5 percent, the management fees alone will go a long way. He’s not skimping on the performance fee either. It’s gonna be 25%.
UBS Star Trader Goes Solo [The Independent]

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