Saturday, 23 July 2016
Last updated 17 hours ago
Jan 3 2013 | 12:27pm ET
A hedge fund planned by veterans of Citadel Investment Group, Goldman Sachs and Boyer Allan Investment Management has won the blessing of Hong Kong regulators.
Tor Investment Management received an asset-management license from the Hong Kong Securities and Futures Commission on Dec. 12. The new firm plans to launch a credit hedge fund this year, hoping to profit from opportunities created by the European debt crisis.
Tor is led by former Citadel Securities chief Patrick Edsparr, former Goldman special situations chief Christopher Mikosh and former Boyer Allan CEO James Sweeney. The three are identified as Tor's responsible officers on the SFC's Web site.
Edsparr, Mikosh and Sweeney set up Tor in the summer. It is unclear how much they hope to raise for the new vehicle.
Edsparr left Citadel in 2010 after less than a year at the helm of its then-struggling and since-shuttered investment-banking division. He reportedly had disagreements with Citadel founder Kenneth Griffin. Sweeney became available after Boyer Allan, once one of Asia's largest hedge funds, closed last year.