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 Noonan)