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Ex-Citadel Securities Head Gets Hong Kong License for Fund

Patrik Edsparr, the former head of Citadel LLC’s securities unit, received a license to start an asset management company, according to information posted on the Hong Kong Securities and Futures Commission’s Web site.

Tor Investment Management (Hong Kong) Ltd.’s two other responsible officers are Christopher Mikosh, formerly a managing director of Goldman Sachs Group Inc.’s Asian Special Situations Group, and James Sweeney, previously chief executive officer of Asian hedge fund Boyer Allan Investment Management LLP, according to the information. Mikosh didn’t immediately reply to an e-mail seeking comment, while Sweeney didn’t answer a call made to his mobile phone today.

Tor is one of the hedge funds being set up to take advantage of opportunities in credit market as European banks scale back lending and sell assets to withstand writedowns following the region’s debt crisis, and to comply with new regulatory requirements, two people with knowledge of their plan told Bloomberg in July. The license was dated Dec. 12, according to the information on the SFC’s website.

Swedish-born Edsparr joined Citadel as global head of fixed income and head of the firm’s European business in July 2008. He was ousted as CEO of Citadel Securities in May 2010 after disagreement with the management team and Citadel founder Ken Griffin on strategy and culture, Griffin said in a letter to employees at the time.

Edsparr, who has degrees in Russian, mathematics, business and finance, previously worked at JPMorgan Chase & Co., where he ran businesses including foreign exchange, securitized products and principal investments. He joined the New York-based bank in 1996 and ran the bank’s fixed-income business as well as markets including foreign exchange and securitized products.

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