A pair of UBS veterans has founded a hedge-fund firm with two other industry players.
Al Breach and Charles Hill set up Gemsstock in the U.K. last month, Bloomberg News reports. Breach will continue to manage his Swiss-based hedge fund, Furka Advisors, which he runs alongside an Internet venture, The Browser.
The new firm would seem to have a Russian bent: Breach, Hill and Florian Fenner, Gemsstock's third partner, all have Russian experience. Breach was head of research for UBS in Russia before leaving the country in 2007, joining that bank from Goldman Sachs, where he spent four years as a Russia economist. Hill was head of trading at UBS' joint-venture in the country, and Fenner is a managing partner at Russia's UFG Asset Management.
Fenner plans to remain a principal at UFG, where he's worked for 11 years, according to Bloomberg.
Gemsstock's fourth partner is Mayumi Yamaguchi, a former Goldman Sachs sales executive who has since gone on to work at several hedge funds.