People moves

Sprung leaves UBP after one year

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Sara Sprung, chief investment officer at UBP Asset Management, has left the firm after only one year at the New York office. The firm has been fighting the spectre of Madoff with a restructuring of the global asset management business under Richard Wohanka and an expensive hiring spree of big names in the business, including Sprung.

The reasons for leaving could not be ascertained and Sprung could not be reached for comment. Sprung, who was previously with Fortress Investment Group, has been replaced by Larry Morgenthal, who has come in as chief executive officer. Morgenthal also replaces Matthew