Anil Prasad, Citi’s former head of global FX, is understood to be launching a macro hedge fund in early 2015.
Farhang Mehregani, the former chief investment officer of Sciens Alternative Investments, will also join as a partner.
Prasad joined Citi in1986 and was appointed global head of FX and local markets in 2007.
Mehregani was also formerly at Citi, having joined as a risk manager in 1996 and held a number of positions before leaving his role as head of CEEMEA equities in 2011.
He served as financial advisor for Fresh Capital Holdings for five months, before joining Sciens Capital, which he left in June after nearly two years.
The hedge fund is expected to follow global macro trading strategies across asset classes, including FX and derivatives. It will launch operations in both London and New York.
In June, Jeff Feig also left Citi, where he was global head of G-10 FX, to join Fortress Investment Group as a portfolio manager and co-CIO of its macro fund (P&L’s Squawkbox, 17 June).
In a similar move, HSBC’s MD and global head of FX and metals derivatives, Vincent Craignou, left at the end of last year to take up a role with Geneva-based fund, Brevan Howard.
The leap to hedge funds may be prompted by changes to proprietary trading by US banks, which were introduced under the Volcker Rule, sources suggest.