Jon Wood, the highly successful UBS proprietary trader who lost high-profile millionaire Sir Tom Hunter as a client for the Swiss bank, is l...

Jon Wood, the highly successful UBS proprietary trader who lost high-profile millionaire Sir Tom Hunter as a client for the Swiss bank, is leaving to set up a large Monaco-based hedge fund, according to a report in the Financial Times. According to the report, the fund will be called SRM Global, will be operational by September and is looking to raise between $2.5 billion and $5 billion from investors who will be locked into the fund for between three and five years. UBS is expected to commit $500 million of this. The fund will become the first regulated hedge fund based in Monaco. UBS will act as its prime broker.