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Derivatives

Morgan Stanley Veteran Preps Hedge Fund

Mark Neuberger, managing director in equity derivatives proprietary trading at Morgan Stanley in New York, has quit to launch a long/short equity hedge fund. "After 22 years with the firm it's time for a change," said Neuberger. The fund, which is backed by New York-based equity trading shop First New York Securities, will trade both over-the-counter and listed derivatives, Neuberger said. During his tenure at Morgan Stanley he also headed its client equity derivatives trading desk.

The fund will focus on directional equity option trading, as opposed to volatility arbitrage. As part of this effort it will trade puts and calls as well as spreads and straddles, noted Neuberger. It is too early to predict the assets under management and launch date, he said.

At Morgan Stanley, Neuberger reported to Guru Ramakrishnan, global head of trading, technology and new products in institutional equities in New York. Melissa Stonberg, spokeswoman in New York, confirmed Neuberger's departure. Ramakrishnan did not return calls.

 

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