Crate joins exodus to hedge funds

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Philip Crate has left Commerzbank to set up a hedge fund, after 10 months with the bank. Anant Patel, head of credit strategy at Commerzbank, has also left, although it is not certain where he will move. And Michie Yana, autos analyst, will be joining a buy-side firm during the summer.

Crate, who until December 2002 was head of European credit research at Bear Stearns, joined Commerzbank as head of research in August 2003. He is understood to be setting up a credit hedge fund on behalf of an