UBS commodities co-head to join startup energy fund

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Seven months after taking over as global co-head of UBS AG’s commodities business, Hunter Shively is stepping down from the role to join Westport, Conn.-based startup hedge fund firm Sasco Energy Partners.

News of Shively’s departure follows a January announcement from UBS that the firm plans to reduce its power and natural gas trading in Canada and eliminate trading in a handful of European energy markets – changes made in response to sizeable losses the firm experienced because of its exposure to the subprime mortgage market.

A veteran energy trader who has been with UBS since 2004, Shively’s career includes