Thursday, 23 March 2017
Last updated 15 hours ago
May 13 2013 | 3:06pm ET
A former JPMorgan Chase credit-trading executive has set up a hedge fund.
Tolga Uzuner has founded Brocade Capital Management, with plans to offer its maiden fund within the next year, Financial News reports. Brocade aims to raise at least $200 million at inception, and is considering a seed investment.
Uzuner, who serves as chief investment officer, is joined at Brocade by Stuart Firth, the former head of European distressed trading at Credit Suisse. Firth will serve as CEO. Uzuner worked with Firth at Credit Suisse before joining JPMorgan, where he rose to serve as international head of equity and corporate credit before leaving the bank last month. Brocade will employ a team of roughly 10.
Uzuner was a member of JPMorgan's chief investment office, home to the infamous "London whale" trader who cost the bank $6.2 billion. Uzuner was not involved in those trades, which were made by Bruno Iksil, according to FN.
Brocade will invest in corporate credits outside of the U.S., with a focus on top-rated securities from emerging markets.