JPMorgan Prop Trader Plots US$500M Hedge Fund Launch

Feb 15 2013 | 3:05am ET

JPMorgan Chase's top proprietary stock trader will leave the bank to launch his own event-driven hedge fund.

Deepak Gulati's Argentière Capital could net as much as US$500 million, the Financial Times reports. The new fund is expect to launch in the second or third quarter.

Argentière, named for a French ski resort, will actually be based in Zug, Switzerland. It is expected to stick to the event-drive strategy Gulati has employed at JPMorgan, and will feature his team from the bank.

Gulati's decision to go into business for himself was apparently inspired in part by the departure of his boss, Mike Stewart, a year ago to do the same. Still, the FT reports that Gulati's upcoming split with JPMorgan is amicable.

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