Citigroup’s chief global equity strategist, Ajay Kapur, has become the latest banker to leave his post to set up a hedge fund.
Kapur, who coined the term “plutonomy” for economies dominated by elite spenders, will set up his new firm in Hong Kong.
A spokeswoman for Citi confirmed Kapur’s departure from its New York office.
Kapur’s new fund will invest in equities globally. He has based himself in Hong Kong, where he already had residence rights, to be close to the Chinese, Indian and Japanese markets. He has called his new hedge fund management firm First Horse Capital, after the Indian cavalry regiment his father served in.