Saba Chief To Back Former Protégé's Hedge Fund

Feb 12 2013 | 2:12pm ET

Former Deutsche Bank executive Antoine Cornut has lined up some solid support for his new hedge fund, set to debut at the beginning of next month.

Cornut's Camares Capital has won the backing of hedge fund seeder Reservoir Capital and hedge fund Saba Capital Management. Saba is headed by former Deutsche Bank proprietary trading chief Boaz Weinstein, who hired Cornut at the bank in 2007. Cornut was head of flow-credit trading in the Americas and Europe before his departure from Deutsche Bank last summer.

London-based Camares is set to launch on March 1 with between $100 million and $200 million and a staff of about 10, including Deutsche Bank veterans Askin Aziz and Julien Marie as partners alongside Cornut. Camares recently hired JPMorgan Chase's Aravind Chandreasekaran as a member of its investment team.

It is unclear how much Reservoir and Saba have committed to the new firm, Financial News reports.

Camares will manage a European credit hedge fund.

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