Saturday, 30 May 2015
Last updated 1 day ago
Sep 24 2010 | 1:12pm ET
A top proprietary trader and his team are leaving Credit Suisse to found a hedge fund just months after the U.S. passed a law banning prop. trading.
George Taylor, better known as Beau, and seven others from Credit Suisse’s commodities proprietary trading desk plan to set up the hedge fund, which will be backed by the Blackstone Group. The still-unnamed fund will receive $150 million from the alternative investments giant.
Taylor’s hedge fund will invest in commodities and energy as well as currencies and other macro strategies.
In addition to Taylor, global head of commodities arbitrage trading, the new fund will also feature Trevor Woods, Credit Suisse’s top energy arbitrage trader, The Wall Street Journal reports. Woods will serve as CEO and Taylor as chief investment officer.
For its part, Credit Suisse said the move would not adversely impact its Asia-Pacific business. The firm has seen its prop. trading ranks thin from 250 to about 100.
May 27 2015 | 2:15pm ET
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