Deephaven Vet Salet Plans Hedge Fund Launch

Apr 7 2011 | 12:27pm ET

Former Deephaven Capital portfolio manager Edouard Salet is readying a hedge-fund launch, according to Financial News.

Deephaven was sold to Stark Investments in January 2009.

Regulatory filings show Salet has incorporated Apson Capital and a person familiar with the plans told FN that Salet will launch a global long/short equity fund this summer, with seed funding from an unnamed U.S. investor. The source says the fund will have a top-down macro-driven investment process with a strong focus on derivatives.

Daniel Goldstein, former head of equity flow sales at BNP Paribas in London, will serve as CEO for the new firm, while Boris Pilichowski, a former prop. trader at Goldman Sachs, Morgan Stanley and Deutsche Bank, will work with Salet as portfolio manager.

Prior to his stint with Deephaven, Salet worked with Gartmore in convertible bond arbitrage.

Salet follows several other Deephaven portfolio managers who have launched their own hedge funds, including Tony Chedraoui whose Tyrus Capital was the largest European launch in 2009. It raised $1.6 billion before closing to new money.

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