BAF Capital Management Benjamin Fuchs, the head of Nomura’s Global Opportunities Group proprietary trading desk, is leading a team out of the bank to launch a new Hong Kong-based hedge fund later this year that will be backed by Nomura.

It will trade equity-linked products such as convertible bonds, equity volatility and credit, with a focus on Asian investment themes. Fuchs plans to start the fund with $400m, of which up to $200m may come from Nomura. The team will have 24 employees, including 13 investment professionals.