When the going gets tough, the tough get going. The decision of 30 bankers from Société Générale to quit to set up a hedge fund is the shape of things to come, as bonus constraints mount up following the credit crisis.

The SG refugees are individuals from the bank's successful hedge fund business. They are led by its former chief executive Arié Assayag, investment chief Eris Attias and head of volatility Bernard Kalfon. Their new firm, Nexar Capital, will use a range of styles, ranging from funds of hedge funds to volatility arbitrage. It is backed by private equity firm Aquiline Capital, set up by Jeffrey Greenberg, the former chairman of finance group Marsh & McLennan.