UBS' hedge fund unit just made a big hire from Citigroup's trading business

UBS O’Connor, the $US5.7 billion hedge fund unit housed by UBS, has hired Kevin Russell to be chief investment officer, according to people familiar with the matter.

He will join the firm in January and report to Dawn Fitzpatrick, head of O’Connor, the people said.

Business Insider reported Monday that Russell had left his role as global head of equity trading at Citigroup.

He was promoted to that role at Citigroup last year, replacing Mike Pringle, who also left the bank to take a role at a hedge fund.

O’Connor started out in the 1970s as a derivatives and market-making specialist. It subsequently became a part of Swiss Bank Corp. and UBS, and is now housed in UBS’ investment bank.

It runs global long/short equities, long/short credit, merger arbitrage and convertible securities strategies.

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