Rajiv Sobti, formerly a managing director and co-head of fixed income at BlackRock Financial Management, resigned last week and will join Vega Asset Management, a macro hedge fund with trading offices in Madrid and London.
At Vega, Sobti will run a fixed-income relative value fund. He said he will focus on mortgage-backed securities, Treasuries, agencies, swaps, options and other triple-A securitized asset classes. He added that he would hire four to six professionals to work on the fund. In addition, Sobti will become head of North American trading for Vega, said Jon Berg, ceo of Vega Asset Management (USA).
BlackRock issued a detailed letter to investors last week that announced Sobti's departure and touted its fixed-income team's "deep bench." Barbara Novick, managing director at BlackRock, declined to comment.