Bloomberg News

Former UBS Bankers Al Breach, Charles Hill Start Hedge Fund (1)

October 28, 2013

Al Breach, former Russia strategist at UBS AG (UBSN), is setting up a hedge-fund firm with ex-colleague Charles Hill and UFG Asset Management’s Florian Fenner.

Breach is combining with Hill, former head of trading at UBS’s joint venture in Russia, and Fenner, managing partner at Russia’s UFG for the past 11 years, according to filings made this month at U.K.’s Companies House. Mayumi Yamaguchi, who previously worked at Goldman Sachs Group Inc. in sales before being employed at several hedge-fund firms, is also listed as a director, the filings show. The firm, Gemsstock Ltd., was incorporated in September.

Breach declined to comment by phone from Switzerland, where he has run his own fund, Furka Advisors AG, since 2010. Fenner said he “will remain principal at UFG Asset Management” as well as a director of Gemsstock, according to e-mailed responses to questions. Hill couldn’t be reached by phone.

Breach, 43, left Russia after quitting in 2007 as head of research at UBS, where he was also a strategist and economist. He joined what was then the UBS Brunswick joint venture in 2003 after four years as Russia economist at Goldman Sachs Group Inc. (G:US) He has since set up an Internet venture, The Browser, and a fund for family and friends, which is up 50 percent over the past three years, according to his resume posted online.

To contact the reporters on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net; Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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