Bank of Nova Scotia’s global head of energy, Adam Waterous, is leaving to start a private equity fund focused on the oil and gas industry.
Bloomberg News reports that Waterous Energy has raised C$400 million ($305 million) from investors including Gordon Flatt to capitalize on emerging opportunities in the Canadian and U.S. energy industry, Waterous said in a phone interview Friday.
The fund will target controlling positions in private, unconventional oil and gas companies in regions like the Montney and Permian basins.
In the meantime Bloomberg also reports that Joseph Chee, UBS's Asia investment-banking head, has resigned, according to people with knowledge of the matter.
Chee, who spoke just last week at UBS’s Greater China conference in Shanghai, plans to leave the banking industry and is considering setting up his own investment fund, said one of the people, who asked not to be identified because the information is private.
As head of Asia corporate client solutions, Chee was responsible for overseeing UBS’s regional mergers advisory, capital markets and financing for companies, financial institutions and private-equity firms. He was left as sole head of the business after Saurabh Beniwal’s departure last year.