Cesar Gueikian, global head of UBS AG (UBSN)’s special-situations group, quit Switzerland’s biggest bank to start a hedge fund with former colleague Andres Scaminaci, three people with knowledge of the matter said.
The departure was confirmed by Gueikian, 35, in a telephone interview, as well as by Megan Stinson, a spokeswoman for the Zurich-based bank. Theo Constantinidis, who led the unit with Gueikian, will become its sole head, Stinson said. The pair oversaw a team of about 25 people in New York, London and Hong Kong.
The special-situations group at UBS makes loans to companies that choose not to tap traditional capital markets for privacy reasons or because they need the money fast. It’s a “unique structured- and private-financing group that source, structure and lend on a principal basis,” according to a description of the group provided last year by the bank to Bloomberg.
UBS investment bank co-Chief Executive Officer Carsten Kengeter highlighted the unit as one of two areas targeted for expansion in a presentation last November. The unit was described as “very attractive” based on returns, client relevance, growth prospects and market standing.
Gueikian was at UBS since 2009, according to regulatory records. He previously worked at Merrill Lynch & Co. and Deutsche Bank AG. (DBK) His new fund will focus on special situations and credit opportunities, said the people, who requested anonymity because the plans haven’t been announced.
Scaminaci, 41, the former head of UBS’s special situations group for the Americas, confirmed in a telephone interview that he left the bank in August and plans to join Gueikian. He also previously worked at Merrill Lynch and Deutsche Bank, according to regulatory records.
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