Santiago Alarco stepped down from
running Rubicon Fund Management LLP’s $1 billion global fund,
joining his former co-manager who left the firm in January.
Alarco, 47, resigned March 29, said Paul Downes, a
spokesman at public relations firm Merlin representing Rubicon.
Paul Brewer, a former Salomon Smith Barney Inc. executive who
founded London-based Rubicon in 1999, has replaced Alarco as
chief investment officer.
Brewer, former co-head of foreign exchange at Salomon Smith
Barney, returned full time last year after a leave of absence
following a horse-riding accident in 2009. Alarco’s co-manager,
Timothy Attias, quit at the start of the year.
The Rubicon Global Fund is a macro fund, which trades
instruments such as currencies, interest rates, foreign exchange
and bonds to take advantage of broad economic trends.
Alarco and Attias, 45, led the fund to a 14 percent gain
last year, beating the average 3.6 percent increase for macro
funds, according to data compiled by Bloomberg. Alarco couldn’t
be reached for comment.
The Rubicon fund was down about 5 percent this year through
March, according to investors. Clients have also withdrawn
money, as the fund had about $1.6 billion in assets under
management at the end of 2010.
Brewer started the hedge fund with four Salomon Smith
Barney executives. Rubicon’s partners include Joseph Leitch, who
led foreign exchange with Brewer at the Wall Street firm. The
global fund has posted average annual returns of about 13
percent since 1999, according to clients.
To contact the reporter on this story:
Jesse Westbrook in London at
jwestbrook1@bloomberg.net
To contact the editor responsible for this story:
Christian Baumgaertel at
cbaumgaertel@bloomberg.net
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