Hopewell Wood, the former chief executive officer of Glen Point Capital, has left hedge fund Commonwealth Asset Management, the latest in a string of departures across the industry following the arrest of Glen Point co-founder Neil Phillips.
(Bloomberg) — Hopewell Wood, the former chief executive officer of Glen Point Capital, has left hedge fund Commonwealth Asset Management, the latest in a string of departures across the industry following the arrest of Glen Point co-founder Neil Phillips.
“As of Sept. 6 she is no longer part of the firm and our entire management team remains focused on all facets of our firm’s operations,” Adam Fisher, founder of Commonwealth, told Bloomberg. Wood didn’t immediately return a call requesting comment.
Wood joined Commonwealth as president in April and focused on business development and managing non-investment operations. She worked at Glen Point from its start in 2015 until shortly after it announced late last year a plan to merge with Eisler Capital, a deal that subsequently fell apart.
US prosecutors have charged Phillips, 52, with fraud, alleging that he tried to manipulate the exchange rate between the US dollar and the South African rand in 2017 to make a $20 million wager succeed. The hedge fund manager was arrested in Spain at the request of US authorities last week.
The effect of Phillips’s arrest is rippling through the financial firm industry. Former Glen Point executives at firms including Balyasny Asset Management and Kirkoswald Asset Management have either been put on leave or left their companies in the aftermath of the arrest.
Commonwealth manages about $2.3 billion including money from Brevan Howard Asset Management. It runs strategies including macro, digital assets and real estate.
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