Bill Richards, UBS's senior hedge fund relationship manager
whose ties with Tiger Management helped drive the bank's
industry relationships since 1995, has retired.
"[Bill] has been instrumental in the development of our
coverage of Hedge Funds globally," said UBS equity sales chief
Dominic Vail in an internal email today. "We would like to
thank Bill for the many years of good service."
Richards met Tiger Management founder Julian Robertson in
1983 while investing in hedge funds on behalf of his family. He
subsequently worked with more than 100 Tiger alums, or "cubs,"
covering Robertson for UBS throughout his time at the bank.
Based in New York, Richards also managed UBS's relationships
with Eton Park Capital Management, Och-Ziff Capital Management,
Highbridge Capital Management and York Capital Management,
among other large firms. A long/short equity expert, he often
arranged for high profile managers to speak at UBS events or
come to private client diners.
"In 1983 the opportunities were huge in the hedge fund
industry. 30 years later the challenges are really huge,"
Richards told Absolute Return, reflecting on his
career. "Four years of underperformance, most of the flows only
into large funds, a fund of funds industry under pressure to
perform better, and a very uncertain world. The opportunities
remain large but it will take unique skills to achieve them and
you cannot do well as an investor in hedge funds without
investing in small funds and new launches. "
"It is going to be a fascinating Industry over the coming
years," Richards added. He plans to join the boards of several
hedge funds but declined to disclose the firms as the deals
were not finalized.
His immediate retirement plans will focus on chairing the
Cerebral Palsy International Research Foundation, taking over
for Paul Volcker. The nonprofit is also
supported by such hedge fund managers as Ray Dalio of
Bridgewater Associates and Jean-Louis Lelogeais of Strategic
His close hedge fund ties are also evident in other
philanthropic activities: Richards recently served on the board
iMentor, founded by John Griffin of Blue Ridge Capital
Management and continues as a director of the
All Hallows Foundation, led by Viking Global Investors
chief operating officer Phil Eagan.
Richards is also a supporter of 100 Women in Hedge Funds.
The professional and philanthropic group
recently named his wife, Daphne, to its board. She focuses
on hedge funds as a senior executive with wealth manager
Bessemer Trust Company.