Steffen Schmidt / AP UBS headquarters in Zurich, Switzerland.

Nigel Hart managed the Tamarack Fund for UBS's Private Wealth Management—until recently.

Earlier this afternoon, Courtney Comstock of Business Insider published a letter related to the departure on BI's website. The letter is said to be from Nigel Hart—and is addressed to the head of UBS's Wealth Management hedge fund unit, Ned Sienko.

I quote the letter: "It is apparent to us that UBS

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[UBS  Loading...      ()   ] does not have the marketing resources or organizational structure to generate asset growth in the foreseeable future. This was confirmed at our meeting last Friday. We appreciate the opportunity to work together with UBS and we wish everyone the best of luck in your endeavors to stabilize this business."

But the story that Hart conveys in his letter isn't the only story circulating on Wall Street.

Comstock also quotes another source, skeptical of Hart's account of the events:

"[PR] probably won't give a direct answer because there might be a legal situation brewing. But, I will tell you that if these guys were worth their salt, there is NO WAY that senior Wealth Management would let them go. That letter sounds like a FU note from a dumped lover."

Interesting.

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