D.E. Shaw & Co., the $28 billion multistrategy hedge fund, hired Angel Ubide from Tudor Investment Corp. and Brian Sack from the Federal Reserve Bank of New York as global economics directors.
Ubide, 45, and Sack, 42, will serve as senior vice presidents and co-directors of global economics in the New York-based firm’s discretionary macro investing unit, D.E. Shaw said in a statement posted on the firm’s website. The unit is overseen by Max Stone, a managing director and member of the firm’s five-person executive committee.
“Our macro team casts a wide net in terms of asset class and geography,” Stone said in the statement. “Having these two talented individuals’ insights strengthens our capabilities in several dimensions as we source and analyze trades in global markets.”
D.E. Shaw’s Oculus and Heliant funds, both macro strategies, climbed 13 percent and 17 percent last year through October, respectively, even as the industry on average struggled to make money. Macro funds, which are designed to profit from global macroeconomic trends, posted industrywide losses in 2011 and 2012 as fund managers were blindsided by government intervention in markets across the world.
Ubide was director of global economics at Tudor, Paul Tudor Jones’s $12.1 billion Greenwich, Connecticut-based hedge fund, where he worked for more than a decade, D.E. Shaw said in the statement. Before joining Tudor, he was a staff economist at the International Monetary Fund and an associate at McKinsey & Co. Inc. Ubide is currently a senior fellow at the Peterson Institute for International Economics in Washington. He will split his time between D.E. Shaw’s Washington and New York offices.
Sack was most recently an executive vice president at the New York Fed, where he earlier served as head of its markets group, the firm said. Prior to that, he was a vice president at Macroeconomic Advisers LLC, an economic modeling and forecasting firm, and deputy director of its Monetary Policy Insights service. He will split his time between D.E. Shaw’s Boston and New York offices.
David Shaw, a former Columbia University computer science professor, founded D.E. Shaw in 1988. The firm has 1,000 employees and offices in North America, Europe and Asia.