Derivatives Expert Quits Diamond Lake

Jun 10 2008 | 1:51pm ET

Diamond Lake Investment Group, the hedge fund firm set up by former Merrill Lynch investment banking co-chief Dow Kim, has suffered another setback with the departure of Namuk Cho.

New York-based Diamond Lake, once expected to garner as much as $3 billion in assets, has been forced to delay its debut fund as it struggles to raise money. Now it has lost Cho, part of an all-star team of hedge fund and Wall Street veterans lured by Kim to his new venture.

Cho has joined BNP Paribas as managing director for flow, hybrids and exotics trading for the Americas. He succeeds Pascal Leyo, who was named head of options proprietary trading for the Americas two months ago.

Prior to joining Diamond Lake, Cho served as head of U.S. derivatives trading at UBS for three years.

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