UBS to lose Australian macro trading chief to start-up hedge fund
The chief investment officer for macro strategic trading at UBS in Australia is reportedly leaving his Swiss employer next month to start his own hedge fund, at a time when investor appetite for macro strategies is strongest, but such strategies are severely under-represented in Australia’s industry.
Gerard Satur is said by Reuters to be seeking AUD 500m for his venture, a macro hedge fund to be named MST Capital.
If he raises that much for MST, it would swell assets in Australia’s macro strategy community by nearly one fifth, based on figures at the start of last year.
But the proportion of Australia’s hedge fund assets in macro funds would still be well below the global average.
Globally global macro’s $443bn globally represents 22% of total industry assets, according to Hedge Fund Research.
By contrast, the strategy’s $2.7bn assets in Australia represented just 8.1% by the start of last year, according to magazine AsiaHedge and the Australian Trade Commission.
Nonetheless, global macro is the most wanted strategy worldwide this year, with 45% of investors wanting it, after accounting for those not interested, according to Credit Suisse’s annual industry survey.
This was roughly the same net demand as last year, but down on 61% net appetite by investors in 2010.
Neither a spokesperson for the bank in Australia, nor Satur himself, could be contacted due to the time difference between Australia and Europe.