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Westpac Credit Honcho Preps Hedge Fund

Westpac Banking Corp. veteran head of credit trading Jason Cavanagh has left the firm in Sydney to set up a hedge fund. He and Robert Ross, a former fund manager, are now setting up the fund in the same city, dubbed Gibraltar Capital.

"We're going to take our time to get things going but we're already seeding it with private capital," Cavanagh told DW. After getting the systems ready, he said the first order of business will be to put together a track record this year. It is too early to discuss strategies or further details of the fund, he added. The connection between Ross and Cavanagh, and the names of Ross' previous funds could not immediately be determined.

Cavanagh, who left Westpac two weeks ago after a 10-year stint, built up its credit derivatives trading effort over the last few years. "He had a great run over there," said a rival credit trader at a bulge bracket firm. "They became an active player in the market."

Matthew Fuller, credit derivatives trader at Westpac in Sydney, said he has assumed responsibility for the desk.

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