Sunday, 28 December 2014
Last updated 4 days ago
Jan 31 2012 | 1:40pm ET
Citigroup will close its proprietary trading operations next month as it seeks to come into compliance with the upcoming Volcker rule banning the activity.
Equity Principal Strategies will close on Feb. 6. Most of the team's staff will leave the bank, according to an internal memo. The head of the desk, Sutesh Sharma, has been planning a hedge fund, Portman Square Capital, for months.
"Pursuant to various regulatory initiatives and changes, we have made the strategic decision to exit the Principal Strategies business," Derek Bandeen, head of equities at Citi, wrote on Friday. "The team, led by Sutesh Sharma, have been aware of this for some time and have worked diligently to wind down the positions over the last few months."
The Volcker rule will bar banks from proprietary trading, as well as strictly limiting their alternative investment activities.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.