Former UBS credit trading head sets up new buyside firm

Leading buyside credit trader Sal Naro is understood to have left an asset management firm he was hired to run less than a year ago and is setting up a new business. Naro joined JNF Asset Management a fixed income alternatives asset manager, early last year, closely followed by former colleague Vincent Mistretta.

The two have now set up a new firm based in New York, according to web postings, known as Coherence Capital. Further details of the new venture are not currently available.

Naro headed credit trading at Bear Stearns and UBS before moving to the buyside and setting up credit hedge fund Sailfish Partners. The two worked together at UBS, where Mistretta headed up prop trading.