Cautious attitude to risk prevails at Pi

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Jonny Kaye, the manager of the London-based Pi SPC Emerging Markets Macro Fund, first set up his Israeli-based Pi Financial Instruments derivatives trading business with partner Ahron Cohen in 1999 from a flat in Tel Aviv with a $100,000 loan from the bank.

Formerly an options market-maker at Susquehanna for several years and head of the derivatives prop desk at Israeli firm Ilanot-Batucha, he ran a closed-end hedge fund strategy specialising in debt called Arbitrade two years under the Pi umbrella before launching the Pi SPC Emerging Markets Macro fund in March 2006.

The broader Pi business, which is still