There's been a lot of talk about what the big Wall Street firms will do with their proprietary traders. Some prop traders will no doubt be asked to take tweaked roles, which may not sit well with them. These guys, after all, are born to trade. So even though the Volcker Rule has been watered down the point where it no longer looks onerous, we may still see some prop traders head out to start their own funds (hedge fund news).

In Asia, we're already seeing it. Tan Maruyama, a former proprietary trader at Goldman Sachs Group (NYSE: GS), now rims the R-SQUARED Master Fund, a multi-strategy hedge fund, which stared up in Japan on April 1 with $16 million of capital. According to Bloomberg/Business Week, it aims to increase its capital nearly 10 fold over the next year. In Japan , he and other former prop traders enjoy a certain cachet that will aid their fund raising efforts. Of course, nothing works like solid performance.

For more:
- here's the Bloomberg/Business Week article

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