Deutsche Bank Prop. Trader Founds Hedge Fund

Apr 4 2011 | 1:45pm ET

Deutsche Bank's emerging markets debt trading chief has left the firm and will launch a hedge fund later this year.

Kay Haigh has incorporated Avantium Investment Management and is awaiting approval from the U.K. Financial Services Authority, Financial News reports. Avantium has been in the works for two years; Haigh planned to incubate the new firm within Deutsche Bank, but that firm no longer seeds hedge funds founded by former members of its proprietary trading team.

Avantium's maiden hedge fund, a global macro emerging markets fund, should debut in the fourth quarter.

Haigh took seven members of his team with him; Avantium is likely to hire four more people before its first fund launches. The London-based firm also plans a New York office.

Haigh had worked at Deutsche Bank since 1994.

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