Saturday, 28 May 2016
Last updated 5 hours ago
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.