UBS head of macro strategic trading Gerard Satur will leave the company this month to establish a hedge fund, after the investment bank closed down its proprietary trading desk.
Satur said in an interview with Bloomberg that he was in talks with cornerstone investors for his Sydney-based firm, MST Capital.
A UBS Global Asset Management (UBSGAM) spokesperson could not confirm Satur's departure, but investment banks around the world have been closing down prop desks as regulators have all but banned banks from trading on their own account.
Satur said MST Capital's team would include former Morgan Stanley proprietary trader Jeremy Hooper and Matthew Mulcahy, who previously worked for PIMCO.
Earlier this month, UBS confirmed UBSGAM head of equities Simon Shields and portfolio manager Shane Fitzgerald would establish a separate, independently-branded, total return boutique on the UBS boutique platform.
