Two former Goldman Sachs managers and co-founders of a natural resources firm have joined UK-based Duet Group.

Duet Group, the $5.5 billion alternative investment house, has appointed two former Goldman Sachs investment professionals and co-founders of North Shore Partners, Ulrik Fugmann and Edward Lees, as senior managing directors and co-chief investment officers of Duet Natural Resources.

The two men founded North Shore Partners, an equity natural resources manager, and are integrating their strategy and business into Duet. This will add to Duet Group's commodities and emerging market franchise, the firm said in a statement yesterday. Duet Group is based in London.

"The timing for natural resources equity investments is optimal. The synergies on research and broader commodities expertise will benefit our investors,” Philippe Laraison, chief investment officer of Duet Commodities Fund and partner of Duet Group, said.

Duet Natural Resources invests globally in equities across oil and gas, metals and mining and agriculture sectors, applying a thematic top down approach combined with fundamental equity analysis and due diligence.
 
Fugmann spent 10 years at Goldman Sachs, where he held several positions and ran the Goldman Sachs events trading group from 2009 - 2012, investing in natural resources companies and special situations strategies across the capital structure.

Prior to being the CEO of North Shore Partners, Lees was a managing director at Goldman Sachs. He worked there for 9 years, founding and heading its European events trading group.