Monaco-based SRM Global Fund, a hedge fund started by former star UBS trader, Jon Wood, has raised around $3 billion for its launch next mon...

Monaco-based SRM Global Fund, a hedge fund started by former star UBS trader, Jon Wood, has raised around $3 billion for its launch next month. More than $500 million alone has been placed in the hedge fund by UBS, according to marketing documents from SRM. SRM will invest in companies or industries that have gone through “periods of stress” and are “out of favor”, according to the marketing document sent to investors. The hedge fund is offering two fee structures. Investors choosing to lock up their money for five years will pay a 1 per cent management fee, while those electing for a three-year lockup will pay a 1.5 per cent fee. The fund will take 25 per cent of any profits it earns. Former UBS executives who are joining SRM are Ian Barclay, who will be deputy chief investment officer, Philip Price, who will be chief operating officer, Adrian Marsh, who will be a trader and analyst, and Andrew Mortimer, who will be head of operations, according to SRM's marketing document.