The head of event-driven investment at French bank Societe Generale SA is launching his own hedge fund in the first quarter of 2014.
Bloomberg reported that Societe Generale will invest about $250 million in Wayne Yu’s New York-based Condorcet Global Opportunity Fund.
The new fund will trade the stocks of companies going through corporate changes, including mergers and restructurings. It will also use the back office of the French bank’s money management unit, Lyxor Asset Management.
Prior to joining Societe Generale in November 2009, where Yu was based in the bank’s New York office, he worked for six years at Ken Griffin’s Citadel.