The head of global equity proprietary trading at JP Morgan is preparing to launch a hedge fund, in what is likely to be one of the most hotly-anticipated start-ups of the year.

Deepak Gulati, who joined JP Morgan almost a decade ago from Dresdner Kleinwort, has set up Zug-based Argentière Capital, named after one of the main ski resorts in Chamonix. The launch was first reported by HFMWeek in October.