UBS commodities co-head to step down

Hunter Shively, the global co-head of UBS' commodities business, is stepping down to join a startup hedge fund.

UBS AG has confirmed that Hunter Shively, the global co-head of the company’s commodities business, is stepping down to join a startup hedge fund.
He was at UBS since 2004, initially as head of U.S. energy trading.
“The investment bank remains fully committed to the growth and development of the commodities business in all regions and across metals, energy and agriculture,” according to an internal memo obtained from the Zurich, Switzerland-based company.
Todd Morakis, co-head of the commodities business, will assume sole responsibility for the Stamford, Conn.-based business, effective immediately.
Mr. Shively will stay on for two months to oversee the transfer of the commodities unit’s North American energy operations, Jerker Johansson, head of UBS’s investment bank, said in the memo.
Mr. Shively then plans to join Sasco Energy Partners LLC, a Westport, Conn.-based firm that is looking to raise $750 million, according to a person familiar with the matter.