Tuesday, 21 October 2014
Last updated 1 hour ago
Jun 13 2012 | 11:46am ET
BlackRock has snapped up the former governor of the Swiss central bank, Philipp Hildebrand.
Hildebrand, who resigned from the bank in January amid a firestorm over his wife’s currency trades, will become a London-based vice chairman of the private equity giant, reports the Wall Street Journal.
In his new role, Hildebrand will focus on working with large institutional clients in Europe, the Middle East and Asia Pacific and report to BlackRock chairman and chief executive, Laurence Fink.
Prior to his nine-year stint with the Swiss National Bank (the last two as chairman) Hildebrand was a partner at hedge fund Moore Capital Management and chief investment officer at Switzerland's Vontobel Group and Union Bancaire Privé.
Last year, Hildebrand's wife Kashya, a former trader who now has an art gallery in Zurich, bought $400,000 with Swiss francs three weeks before the SNB promised unlimited intervention to keep the franc from rising above 1.20 versus the euro.
At the time, Hildebrand said he’d learned of the trade only after the fact but could not provide "conclusive and final evidence that my wife did initiate the transaction without my knowledge,” for which reason he resigned.
A subsequent SNB investigation revealed Hildebrand himself had made no unauthorized trades.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...