Stephen Diggle, co-founder of a hedge-fund firm whose assets expanded more than 1,000-fold before it returned investors’ money, is reentering the industry with a plan to back managers and traders seeking a new career in money management.
Diggle’s Singapore-based Vulpes Investment Management opened the multistrategy Kit Trading Fund, led by former Merrill Lynch & Co. trader Michael Downer, on Dec. 1, according to an e-mailed statement. It plans to have as many as 12 managers trading for Kit over the next six to 12 months, using investments by Vulpes and the money the managers themselves can bring in, Diggle said in a telephone interview from Singapore on Tuesday.
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