(Bloomberg) -- Five Credit Suisse portfolio managers are leaving the bank to set up a new global macro fund at the alternatives platform of Lombard Odier Investment Managers, according to a person familiar with the matter. 

The new fund, which will be a blend of discretionary and systematic strategies, is planned to launch in the third quarter as part of Lombard’s 1798 alternatives platform, the person said. 

Among those departing is Valentin Petrescou, the current head of unconstrained and global fixed income strategies at Credit Suisse. Petrescou joined Credit Suisse in 2019, which is now owned by UBS Group AG, although he did an earlier stint at the bank as a derivatives trader, according to his LinkedIn profile. 

Portfolio managers Didier Anthamatten, Jeremy Gatto, Maximilian Witschel and Philipp Mueller have also resigned from Credit Suisse to join the fund, the person said. They declined to comment. 

Spokespeople for UBS and Lombard Odier also declined to comment.

Credit Suisse has faced a wave of employee departures following its acquisition by former crosstown rival UBS last year. UBS has warned that the integration will be long and complex, and has flagged several billion dollars in costs to resolve ongoing Credit Suisse legal liabilities.   

The new macro fund will be designed as a UCITS fund, offering more frequent redemptions to investors. Macro funds more broadly have faced a turbulent couple of years, as a result of whipsawing rates prompted by uncertainty over monetary policy. 

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