LONDON, Jan 22 (Reuters) - Former global head of foreign exchange at Citigroup, Anil Prasad, is preparing to launch his own macro hedge fund in early April with initial start-up capital of at least $500 million, three sources familiar with the matter said.
Prasad could not be reached for comment.
Silver Ridge Asset Management, which will have offices in London and New York, will have a multi-manager approach to trading led by Prasad, who left Citi in early 2014. Farhang Mehregani, also a former Citi executive, is joining Prasad in launching Silver Ridge Asset Management.
The hedge fund aims to accumulate $1 billion and will thereafter accept money more sporadically, mainly from existing investors, said the sources, who declined to be named as the information was private.
The start-up comes as macro hedge funds face an improved trading environment after nearly four years of mediocre returns as divergent economic policies across the globe raise volatility and create investment opportunities.
Star trader Chris Rokos is also readying his own macro hedge fund after settling a non-compete dispute with his former employer Brevan Howard.
Mehregani was the former chief investment officer of Sciens Alternative Investments. The group has also hired former Perry Capital executive Santa Federico as global head of risk based in New York. Former Comac Capital executive Anil Joshi will be the firm's chief financial officer in London.
Bloomberg earlier reported the news. (Reporting by Nishant Kumar; editing by Andrew Hay)