Phillipe Jabre, the former star GLG trader who received the highest ever individual fine from the UK’s financial regulator, the Financial Se...

Phillipe Jabre, the former star GLG trader who received the highest ever individual fine from the UK’s financial regulator, the Financial Services Authority, is planning to set up a hedge fund in Geneva early next year. Mr Jabre is looking to raise up to $3 billion for a business providing convertible arbitrage and long-only products, according to a report in the Financial Times. He has already secured 10 people from the City of London to join the venture, along with UBS as prime broker. Geneva was chosen for the new fund because it was a "neutral jurisdiction and a non-emotional one," according to the FT report. GLG Partners and Mr Jabre were fined £750,000 ($1.4 million) each by the FSA in March for violating market conduct and committing market abuse relating to confidential information from Goldman Sachs on a convertible-bond sale in 2003 for Sumitomo Mitsui Financial Group.