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Ex-Citigroup Trader Raises Less Than $100 Million for Hedge Fund

Portman Square Capital LLP, founded by ex-Citigroup Inc. proprietary-trading unit head Sutesh Sharma, opened with less than a fifth of the amount the hedge fund originally sought, said two people with knowledge of the matter.

The firm began trading in May with less than $100 million, compared with the $500 million the firm initially targeted, said the people, who asked not to be identified because the figure hasn’t been made public. The firm scaled back its target in March, people with knowledge of the talks said at the time. Sharma, 50, declined to comment by e-mail yesterday.