Joseph Dickerson, a senior banking analyst at Espirito Santo Investment Bank, has left to start a financials hedge fund in the first quarter of next year, seeking to take advantage of arbitrage opportunities as banks restructure.

Dickerson, a UK and Spanish banks analyst, told Financial News: "I'm setting up a hedge fund focused on global financials. It will invest across the capital structure of financials companies. Regulation and deleveraging will change the composition of banks' capital structures and require them to raise more equity. This will present arbitrage opportunities."