Last week, it was Goldman Sachs; this week it’s Deutsche Bank’s turn to lose a veteran and trading superstar to the hedge fund universe.
Kay Haigh, who’s been with Deutsche since 1994, is leaving the firm with seven of his traders in tow to start his own hedge fund, Avantium Investment Management, Financial News reports.
Haigh, “was instrumental in building [Deutsche’s] emerging markets trading business” and has been with the bank for 17 years.
The new firm will trade interest rates, currencies and credit in emerging markets, and will have two bases — one in London and New York (we’re not sure where Haigh will camp out when he’s working in the New York outpost, because last year he sold his Upper West Side condo for $9.5 million).
Apparently they’re hiring too — Haigh is looking to hire four more traders pre-launch. We know of four New York-based traders that might be interested…
According to Financial News, “Haigh started setting up the group two years ago, with a view to incubating it at Deutsche Bank and then launching a hedge fund. Usually Deutsche Bank seeds spin-outs from its prop trading desk, but has changed its policy and will not be investing in Avantium.”