Launches & Closures

Portman Square heads new bank prop spin-out wave


Senior prop traders from Citi and JP Morgan are moving ahead with plans to launch their own European-based hedge funds over the next few months in the latest wave of big bank spin-outs to hit the alternative asset management industry.

Portman Square Capital, the new London-based multi-strategy equity hedge fund led by highly regarded former Citi and Old Lane trader Sutesh Sharma, is firming up plans ahead of what should be one of the most keenly followed new launches in Europe this year.

Sharma was formerly one of the founding partners at Old Lane – the $4 billion