A Deutsche Bank prop desk trader has left the firm after 17 years, taking a team of six traders with him to set up a hedge fund.Kay Haigh, who had been head of global macro trading at Deutsche, quit the bank last week to set up a new company called Avantium Investment Management.
The move is the latest in a string of hedge fund start ups spurred by the so-called ‘Volcker Rule’ legislation which has led some of Wall Street's biggest investment banks to shut down their proprietary trading operations.
The rule, which becomes official in July 2012, prohibits banks from making risky bets with their own capital, as opposed to making investments on behalf of customers.
Haigh is preparing to launch a global macro emerging markets fund in the fourth quarter, once the venture has been given approval by the UK regulator.
The new fund will trade interest rates, currencies and credit in emerging markets, focusing on the most liquid instruments. Avantium plans to establish offices in London and New York, and is likely to hire four additional people before launch.
Haigh’s departure follows that of Newcits pioneer Manfred Schraepler in December last year.
Renowned hedge fund managers Barton Biggs and John Paulson are among those who have teamed up with Deutsche Bank to launch Newcits versions of their flagship strategies on Deutsche's Platinum platform.
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