Deutsche macro trader and six colleagues leave to set up hedge fund
Kay Haigh, the Deutsche Bank trader who reputedly almost doubled his investment in a luxury New York apartment in the face of the credit crunch, has left the bank to establish a hedge fund.
A team of six unnamed individuals left with him in what one person with knowledge of the situation said was an “amicable” departure.
Deutsche Bank confirmed the move this morning.
Haigh was Deutsche’s head of emerging markets debt since March 2006, and headed its global macro trading. It is believed he will apply these two investment skills to his hedge fund.
He also applied them to property, by selling his New York flat reportedly for nearly $9m in December, $3.7m more than he paid for it in April 2008.
His fund’s launch will follow that of Azentus, the emerging markets focused portfolio for which Morgen Sze, the former Hong Kong head of Goldman Sachs Principal Strategies group, raised over $1bn.
Deutsche can stake a strong claim, alongside Goldman Sachs and JP Morgan, as a producer of the most prominent emerging hedge fund managers since the credit crisis.
In 2009 Arvind Raghunathan, former head of Deutsche’s global arbitrage business, raised over $1bn for Roc Capital Management.
Also that year, ex-Deutsche co-head of global credit trading Boaz Weinstein founded credit hedge fund Saba Capital Management.
Weinstein had established Saba Principal Strategies in 2001 to specialize in credit and capital structure investing, before spinning out of the bank as the credit crunch subsided.