A senior global commodities trader at Credit Suisse is leading an eight-person team out of the bank to start a hedge fund backed by Blackstone Group, people familiar with the matter say.

The planned spinout involves one of the biggest trading groups to leave Wall Street. The team is one of the first Blackstone has selected for startup funding since US lawmakers in July passed sweeping legislation to curb so-called proprietary trading, or trading using banks' capital rather than clients' funds.