A former director at Citigroup is planning to start his own hedge fund later this month.
Bloomberg reported that Joel Salomon, who left Citigroup in January 2012, hopes to launch New York-based SaLaurMor Capital with at least $700 million in capital.
The firm, named after Salomon’s two daughters, Lauren and Morgan, will focus on small and mid-cap financial stocks such as insurance companies and asset managers. SalLaurMor will also trade in North American, European and Asian markets.
SaLaurMor will be run by three other employees.