Ex-Deutsche Bank Credit Trader Cornut Said to Plan Hedge Fund
Antoine Cornut, who led flow-credit trading in the Americas and Europe for Deutsche Bank AG, plans to start his own hedge fund, according to two people with knowledge of the matter.
Cornut, 37, will likely begin raising money next year for his fund, which will focus on European credit, said the people, who asked not to be identified because his plans are private. Cornut applied to register his firm, Camares Capital LLP, in August with the U.K.’s Companies House, according to a regulatory filing.
Cornut resigned from Frankfurt-based Deutsche Bank in July, joining a growing group of traders who’ve left firms including Goldman Sachs Group Inc. and Citigroup Inc. as banks reduce risk following the 2008 credit crunch. Lenders have responded to tighter regulation by reducing their holdings of corporate debt.
Askin Aziz, 38, is among Deutche Bank employees who plan to join Cornut at Camares Capital, according to the Companies House filing. Deutsche Bank (DBK), Europe’s biggest bank by assets, hired Aziz in September 2010 as a high-yield credit analyst from London-based hedge fund James Caird Asset Management LP, according to a press release issued by the bank at the time.
Cornut declined to comment. Flow trading typically consists of market-making transactions done on behalf of clients, involving liquid corporate debt and derivatives.
Aziz didn’t immediately return a phone call seeking comment.
At least 10 credit traders have left Deutsche Bank since the beginning of 2011 as the lender limited cash bonuses.
Other traders who have left banks for hedge funds include Sutesh Sharma, who resigned from Citigroup Inc. in 2011 to found Portman Square Capital LLP, and Pierre-Henri Flamand, who stepped down from Goldman Sachs in 2010 to start Edoma Partners LLP. They departed amid the U.S. Congress’ approval of the 2010 Dodd-Frank Act, which restricts banks with government-backed customer deposits from using the firm’s money to wager on markets.
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