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photo credit: David Paul Ohmer

August 15, 2008 WSJ  : The two-year-old hedge fund founded by former UBS AG star trader JW,  is down about 85% from its inception through July, according to a person familiar with the matter.

August 03, 2006: UBS star trader goes solo with launch of hedge fund. One of the City’s most aggressive traders will soon be snapping even more ferociously at the heels of management as the head of a $5bn (pounds 2.7bn) hedge fund. In his new role, Jon Wood will be set free from potential client conflict at UBS, the Swiss investment bank where he currently heads proprietary trading. Backers have already committed $3bn to his SRM global fund, which will be capped at $5bn and launched on 1 September. UBS, where Mr Wood has worked for the past 17 years, is investing $500m. Investors in SRM Global can choose from two fee structures – a 1 percent management fee to invest for a period of five years and 1.5 percent for three years. SRM Global will retain 25 percent of its profits.

Hey, good thing it was capped at USD 5bn !!