John Walsh and Ben Cohen, who headed the corporate capital markets group at RBS Greenwich Capital, the US-based institutional fixed-income arm of The Royal Bank of Scotland, have left the firm to start a hedge fund.
A source familiar with the situation said Walsh and Cohen will roll out a credit-focused hedge fund by the third quarter. Walsh and Cohen did not return calls.
The two joined RBS in 2004 from CSFB. Walsh was head of credit markets for RBS and Cohen was deputy head of the group. The two were hired to expand Royal Bank of Scotland's corporate capital markets business through RBS Greenwich.
"We are grateful for all that John and Ben have done in building, in record time, a substantial credit markets team for RBS Greenwich Capital," said Jay Levine, co-CEO of RBS Greenwich Capital. "We have been fortunate to have their services the past two years."
They have not yet been replaced at the firm.