Citigroup pair to start hedge fund

Ajay Kapur, Citigroup’s chief global-equity strategist best known for creating the concept called “plutonomy”, has quit the investment bank to start a hedge fund, reports the Sunday Times. Basing the fund in Hong Kong to invest in Chinese, Indian and Japanese markets, Kapur has called his new hedge-fund management firm First Horse Capital, after the Indian cavalry regiment in which his father served. Kapur will be joined by Citigroup colleague Niall Macleod at First Horse. The pair coined the phrase “plutonomy” to describe an economy where the spending power of the elite holds sway.