Former Lehman, UBS Salesman Founds Unfortunately-Named Commodity Hedge Fund

Aug 19 2009 | 10:43am ET

A former Lehman Brothers and UBS banker is hoping to cash in on the recovery of the commodities market with a new hedge fund.

Edward Filippi, who worked on the late bank’s commodity sales desk for a year, has raised US$35 million for his new Ground Zero Strategic Commodities Fund, Bloomberg News reports, despite its impolitic appellation. The Zug, Switzerland-based fund is set to begin trading early next year.

Ground Zero will invest in energy, metals and agricultural derivatives, and joins a large number of new commodity hedge fund shops seeking to get off the ground. But the turnaround for commodities is a double-edged sword for new firms like Ground Zero, which is seeking to add a portfolio manager and operations officer.

“Since the markets have recovered in March, banks have been more aggressive in recruiting,” Filippi told Bloomberg. He’s already had a trader he was pursuing snatched by a bank.

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