Wood rewards backer with prime broking deal

UBS is to act as sole prime broker financing trades for a hedge fund to be launched by Jon Wood, one of the bank's former proprietary traders.

The Swiss bank, which has been investing heavily in its prime brokerage business since 2003, is expected to earn substantial income from the fund.

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a BillionaireExternal link

Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire