Ex-Citi Prop. Trader Launches Delayed Hedge Fund With Less Than US$100M

Jul 10 2013 | 1:55pm ET

It was supposed to be one of the largest hedge fund launches since the financial crisis, with dreams of debuting with US$500 million. In the event, Portman Square Capital Management is having to make due with much, much less.

The London-based hedge fund, led by former Citigroup proprietary trading chief Sutesh Sharma, has at last launched its maiden hedge fund. But the May debut—six months later than originally planned—was much less spectacular than hoped, with the fund managing less than US$100 million, Bloomberg News reports.

The figure is lower even than the US$200 million in commitments the firm reportedly had in November.

The capital-structure and volatility arbitrage hedge fund slashed its fundraising target in March, according to Bloomberg.

While Portman Square's initial assets are certainly disappointing, the fund has performed well, rising 3.6% since inception.

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