Union Bancaire Privée Heals Madoff Wounds by Bolstering Risk & Research

July 9th, 2009
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Union Bancaire Privée (UBP) announced yesterday that its hedge fund of funds management company, UBP Asset Management (UBPAM), has hired two industry veterans to bolster its alternative investments business. The new hires include Sara Sprung from Fortress Investment Group and Jonathan Morgan from Barclays Global Investors’ Hedge Fund Management Group (HFMG).

UBPAM’s alternatives business suffered a major setback last year when it was revealed that the firm had invested more than $900 million in Bernie Madoff’s fraudulent funds. Later, the bank compensated clients by paying them 50% of the original value of their Madoff investments.

Ms. Sprung will join UBPAM as Chief Investment Officer of alternative investment, a newly created position. While at Fortress, she served as a Portfolio Manager for the Drawbridge Global Macro Fund as well as Chief Risk Officer of the liquid markets business. Prior to Fortress, Ms. Sprung was a Portfolio Manager at Moore Capital Management and a Managing Director at JPMorgan. According to UBP’s press release, “Ms. Sprung will determine strategic top down, global asset allocation for the funds and solutions offered by the firm.”

Mr. Morgan will join the firm as the Head of Research of alternative investment. While at Barclays, he headed up the HFMG, served as a Managing Director and chaired its fund of funds investment committee. In 2008, HFMG was named “Fund of Hedge Fund of the Year” by Professional Pensions Magazine. Prior to joining Barclays, Mr. Morgan was Director of Research and Portfolio Management at Julius Baer.

Union Bancaire Privée (UBP) is a Geneva, Switzerland-based private bank that had more than CHF 100 billion in assets under management at the end of last year.
See Press Release
For Detailed Investor Profiles on these Investors, click below:
Madoff Investments LLC
Fortress Investment Group
Related People: Bernard Madoff; Daniel Mudd*; Jude Driscoll; Michael E. Novogratz; Randal Nardone; Robert Kauffman*; Wesley Edens; William F. Callanan*
Related Entities: Drawbridge Global Macro Funds; Fortress Commodities Fund LP; Fortress Partners Funds; Fortress Value Recovery Funds ; Logan Circle Partners; Newcastle Investment Corp
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News; Hedge Fund Jobs, Hirings and Firings

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