JPMorgan’s global head of equity proprietary trading is quitting to set up a hedge fund in Switzerland in what will be the first prominent launch of a fund since several bank spinouts floundered last year.
Deepak Gulati, once one of the bank’s most prominent money makers, will launch Argentière Capital this year, probably in the second or third quarter, according to two people familiar with the plans.
In a snub to London, Europe’s main hedge fund centre, the firm will be based in Zug, the low-tax Swiss canton best known as the home of global commodities trader Glencore. The fund is named after a French ski resort near Chamonix. Mr Gulati’s team, who work from JPMorgan’s offices in Zurich, will leave with him.
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