Royal Bank of Scotland plans to close down its precious metals trading operation, an industry source said, and the bank confirmed it was halting commodities research due to an internal review.
U.S. bank Citigroup has launched a commodity trade finance unit, expanding into a sector once dominated by European lenders who have been shrinking their activities to cope with the euro zone debt crisis.
A contemporary of David Cameron's at Oxford University, Mr Chester took the dramatic step after his hedge fund, Pentagon Capital Management, was fined $98.5m earlier this year for allegedly engaging in late trading in mutual funds between 1999 and 20
Pricing is expected before regular trading opens today in New York, with settlement on Sept. 10, ING said in a separate statement.
The Fund aims to deliver an annualised gross excess return of eight per cent per annum over LIBOR using currency, sovereign and credit strategies, and is scheduled to launch in October 2012.
Barclays Capital, the investment arm of the bank, has prompted fresh criticism after they reportedly made more than £500million by speculating on food staples while millions around the world face starvation and crippling food prices.
Excellence will be identified at the fund manager, team and house level, drawing upon the qualitative insights and assessments from a team of fund analysts who review and consider the gradings of over 1,200 funds a year.