Citi Quant Plans Hedge Fund

Feb 22 2013 | 1:04pm ET

The former head of Citigroup's quantitative equity hedge fund strategies is leaving the bank to start a hedge fund of his own.

Shakil Ahmed and his dozen-strong team will depart at the end of the month to "pursue fund management opportunities," Citi said in an internal memo announcing a reshuffle of its stock-trading businesses. Ahmed has served as head of electronic market-making for the past two years, moving into the post when Citi shuttered his Quantitative Strategies fund.

Ahmed's new hedge fund will be a quantitative venture, Financial News reports.

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