Sunday, 24 July 2016
Last updated 1 day ago
May 16 2013 | 2:43pm ET
Zacharias Bobolakis will not be going into business for himself, after all.
The former UBS proprietary trader had left the bank last year with plans to launch his own hedge fund, Veltiston Capital. Instead, Bobolakis joined CQS this week to trade credit and equity relative-value strategies, Financial News reports.
At UBS, Bobolakis was head of convertible and capital-structure trading in Europe. He left in early 2012, after 18 years at UBS and its predecessors.
Bobolakis' decision is reflective of a difficult fundraising environment for all managers, but especially new ones. Just 86 new offshore hedge funds debuted in Europe last year, with an average fund size of US$100 million, twice what it was a decade ago.
London-based CQS has US$12 billion in assets under management.