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| Sal Naro |
The co-head of fixed-income at UBS and a fixed-income director at hedge fund leviathan SAC Capital Advisors are leaving their firms to set up a new credit fund. Sal Naro resigned from UBS last week and is teaming up with Mark Fishman from SAC. Neither returned calls. The new fund will be called Sailfish Capital. It will not be an SAC affiliate but SAC will be investing in the fund. Spokesman Ed Tagliaferri declined to quantify the amount SAC planned to invest and said the hedge fund has no immediate plans to replace Fishman. SAC has around $6 billion under management. Fishman's bond portfolio at SAC is one of the most active credit trading accounts in the high-grade and crossover arena, noted one salesman.
Naro's departure surprised some fixed-income professionals, particularly because he was recently named co-head of UBS' new credit fixed-income group, which merged the firm's global credit and fixed-income businesses. But he is not the first senior UBS official to head to greener SAC-related pastures. Peter Abramenko, a former head prop trader at UBS Principal Finance, recently started Sigma Capital Management, a fixed-income fund affiliated with SAC (BW, 11/29). Naro's departure was first reported last week on BW's Web site (www.bondweek.com).
