LONDON, July 28 Former global head of foreign
exchange at Citigroup, Anil Prasad, is preparing to launch
his own hedge fund in the first quarter of 2015, three sources
familiar with the matter said.
The launch comes as global regulatory changes restrict banks
from trading with their own money, forcing so-called proprietary
desk traders to strike out on their own. Prasad left Citi
earlier this year.
He will be joined by Farhang Mehregani, the former chief
investment officer of Sciens Alternative Investments as one of
the partners, two of the sources said.
The hedge fund will have operations in New York and London
and follow global macro trading strategy. Such funds focus on
major economic trends and bet anywhere they see value, including
stocks, bonds, currencies, commodities and derivatives markets.
Sources could not estimate the fund's start-up capital as
the plan is at an early stage. The duo has yet to register the
firm and get regulatory clearances.
(Reporting by Nishant Kumar and Simon Jessop; Editing by Laura