Simon Shields, the head of Australian equities at UBS Global Asset Management, will leave the company to set up a hedge fund with his colleague Shane Fitzgerald.
“Shane and I are going to set up a fund in April,” says Shields. A Standard & Poor’s report says the new fund will have “a total return strategy” and be “an independent branded boutique” on the UBS platform.
A UBS spokesman says Shields will not be replaced.
Recruited from Colonial First State Global Asset Management, where he ran a $20 billion fund, Shields replaced Paul Fiani at UBS in July 2007 after Fiani went to start his own investment firm.
Fitzgerald joined UBS in 2008 as a gaming and financials analyst after working at JPMorgan. His responsibilities have been taken over by Steve Coffey, who used to work at QBE.
Investor Daily reported Shields and Fitzgerald’s departures earlier this month.
Following the takeover of ING Investment Management, due to be completed at the end of the month, UBS will manage about $60 billion.
