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Eton Park credit trader plans to raise $100-$200 mln for new hedge fund -sources
June 29, 2017 / 12:41 PM / 5 months ago

Eton Park credit trader plans to raise $100-$200 mln for new hedge fund -sources

* Anirudh Singh looking to launch credit hedge fund -sources

* Plans to raise between $100 mln and $200 mln -sources

* Follows six-year stint at Eton Park’s London office

By Maiya Keidan and Svea Herbst-Bayliss

LONDON, June 29 (Reuters) - A credit trader at the London office of Eric Mindich’s $7 billion New York hedge fund, Eton Park, which said about three months ago that it was shutting down, is looking to open his own firm, three sources with direct knowledge of the matter said.

Two of the sources said Anirudh Singh, 33, expected to raise at least $200 million for the fund, while one source put the potential launch capital at more than $100 million.

Singh worked for Eton Park for roughly six years after a stint at Goldman Sachs, documents filed with Britain’s Financial Conduct Authority show. He is not deregistered from the firm.

Singh did not respond to requests for comment.

His move would be the first spin-out from Eton Park’s London office since its assets halved from a peak of $14 billion in 2011.

After a tough few years for most hedge funds in which several high profile firms have closed, several high-profile traders have branched out on their own, including the former chief investment officer at Perry Capital, David Russekoff.

The number of new hedge funds hit 189 in the first quarter of 2017, an increase for the first time since the first three months of 2016, according to data from industry tracker Preqin.

It was not clear whether Singh plans to work with former Eton Park colleagues at the new fund, neither was it clear where he would get financial backing.

A spokesman for Eton Park declined to comment.

Mindich became a partner at Goldman Sachs at 27 in 1994, making him the youngest person to do so in the firm’s history.

He raised $3.5 billion when he launched Eton Park in 2004. (Editing by Louise Ireland)

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