Sad to report.
He died on January 25th of a suspected heart attack, according to Andrew Mitchell, a spokesman for the London-based firm.
Armajaro, which oversees about $2 billion, started the Global Financials fund last year to expand beyond its roots in trading commodities. The firm hired Steele and Peter Walters from asset manager TT International Ltd. (TTI) to run the pool.
In the meantime, Reuters reports that some of the more than $100m Peregrine Financial's former CEO stole from his brokerage's clients went to pay for his divorce settlement, the trustee of the now-bankrupt brokerage said in a lawsuit late Friday against the former wife.
The lawsuit demands the return of more than $2.9m in divorce payments and the disallowance of the former wife's bankruptcy court claims for an additional $2.4m, money she says is still owed her from the divorce.
Izumi, an executive director who covered industrial and consumer electronics companies such as Sony Corp. (6758) and Renesas Electronics Corp., and chemicals analyst Owaki are resigning, according to the person, who declined to be identified as the matter is private. The departures will leave about 20 staff in the equity-research department, according to the person.
The news organisation also reports that Morgan Stanley’s Tokyo-based credit strategist Takashi Miura will leave the bank, according to two people familiar with the matter.
Miura, an executive director who covers Japan’s credit markets including corporate bonds and credit-default swaps at Morgan Stanley MUFG Securities Co., resigned earlier this month and will leave the firm later this year, said the people who asked not to be identified as the details are private.
Bloomberg also reports that UBS has said it will relocate its equity derivatives trading team from Tokyo to Hong Kong.
The brokerage has begun moving the traders, according to spokeswoman Eiko Noda, who declined to specify the number of people affected or when the move will be completed. Separately, Tokyo-based communications and IT services analyst Kohei Kajimoto has left the investment bank, Noda said.
Finally, Reuters reports that an Asia hedge fund run by former Nomura Holdings Inc trader Benjamin Fuchs returned 31.6% last year as bets on credit markets paid off, making it one of the best performing Asian funds led by a high-profile trader.
The returns by Fuchs, who led the Global Opportunities Group at Nomura as one of the region's top paid proprietary desk traders, contrast with single-digit gains for most large or well-known hedge funds in Asia. A few ended the year losing more than 10%.