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Fixed-income hedge funds have started unwinding swaps and offloading municipal bonds to take profit after the recent surge in volatility. Ying Chen Li, director in the fixed income strategy division at Merrill Lynch in New York, explained that many hedge funds held short positions on LIBOR swaps as hedges for their portfolios. Under these trades they paid a fixed-rate based on LIBOR and received floating. As interest-rates declined over the last year the hedges had been losing money, however, recent rocketing volatility has put the trades in profit.

National Australia Bank has hired Jacqui Steel, a foreign exchange professional at Westpac Banking Corp. in New York, as head of institutional foreign exchange sales, which includes over-the-counter options. Robert Cone, senior v.p. and head of the markets division for the Americas at NAB in New York, said Steel has been hired as the Australian firm aims to pump up its U.S. fx sales coverage. Steel will start in October. She could not be reached for comment.

Stanfield Capital Partners, a New York-based money manager that runs several hedge funds, has hired a head of risk management.Gordon Yeager was previously with software vendor RiskMetrics Group, where he served as the head of the alternative investments area responsible for designing and implementing risk management frameworks for clients. Yeager said he will join the firm later this month.Christie Kinney, v.p. of marketing and client services, noted that Yeager's position is newly created. Kinney declined to comment further.

Adrian Hyde, U.S. head of credit derivatives trading in New York, has quit TD Securities to set up an independent investment firm. Joe Hegener, vice chairman in New York, who Hyde reported into regionally, said Hyde quit because he wanted to set up his own project. Hyde and Hegener declined comment on the new venture.

Second Curve Capital, the financial sector hedge fund shop founded by Tiger Management alumnus Tom Brown, is planning to launch a small- and mid-cap fund in the fall. The firm is finalizing which prime broker it will hire for the new fund, said Stephen Krug, coo, declining to elaborate. Second Curve, which manages USD275 million, uses ABN AMRO as the prime broker for its flagship fund.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.