Photo: flickr/World Economic Forum
The former head of Citigroup’s proprietary trading desk will be leaving this fall to launch a new hedge fund, according to the Financial Times.Sutesh Sharma, who has headed prop trading at both Citi and Morgan Stanley, will be starting London-based Portman Square Capital, with around $500 million AUM.
The fund will begin trading in the Fall and utilise a multi-strategy relative value method, with traders that have experience in event-driven equity, convertible bond arbitrage and volatility trading, the FT reported.
Not only is Sharma’s new fund expected to be one of the largest hedge fund startups of the year at $500 million, his name is also helping attract attention because he’s Citi CEO Vikram Pandit’s former business partner—the two co-founded Old Lane Partners, the hedge fund that Citigroup acquired and helped Pandit get to the top dog spot at Citi.
We can only wish him luck.