Anand Parekh, who left Citadel Investment Group under something of a cloud, has raised $1.5 billion for his own hedge fund.
Parekh’s new Chicago-based shop raised the capital from Deutsche Bank, and is seeking additional investment before launching the fund, Reuters reports. It will pursue a multi-strategy, multi-asset class investing course.
Parekh left Citadel a year ago, amid rumors of the hedge fund giant’s imminent collapse. His global stock trading group had underperformed Citadel’s other business groups in the months leading up to his departure.
Prior to joining Citadel in 2003, he was head of the North American structuring group at Deutsche Bank.