Anil Prasad, the former global head of foreign exchange and local markets at Citigroup, and his business partner Farhang Mehregani will start operating their own hedge fund in January after clearing regulatory hurdles in the U.K.
Bloomberg News reports that Prasad and Mehregani, former colleagues at Citigroup, have set up Silver Ridge Asset Management U.K. Britain’s Financial Conduct Authority had delayed their plans to start the fund in April, with both the FCA and Mehregani declining to comment on the reason for the FCA’s decision at the time.
In the meantime, Bloomberg also reports that Exotix Partners, the brokerage for frontier-market debt controlled by ICAP head Michael Spencer, hired Mark Preston as chief executive officer as the firm expands into new markets.
Preston, 55, became CEO of London-based Exotix within the past two weeks and will report to Chairman Ivan Ritossa, he said in a phone interview. Preston was previously CEO of City Index (Holdings), a brokerage that Spencer also controlled until Gain Capital Holdings bought it for about $148m earlier this year.