First New York Co-Pres. Quits As Firm Preps. Hedge Fund

Nov 8 2010 | 10:40am ET

Proprietary trading firm First New York Securities—which is readying its first hedge fund—is facing more changes.

Donald Motschwiller, co-president of the New York-based firm, resigned last month, just nine months after being promoted to the post and just a month after co-president Joseph Schenk was named CEO. Schenk is leading First New York's first foray into managing outside money.

Motschwiller left First New York to purse other opportunities, The Wall Street Journal reports. He spent six years at the $350 million firm.

First New York plans to launch a multi-strategy hedge fund that mimics its hugely successful prop. trading operations and may hire as many as 40 traders to help run it. The firm hopes to attract some of the talent currently leaving bank prop. desks in the wake of new U.S. regulations that bar banks from the activity.

First New York has already hired former hedge fund professional, Seth Platt, to help set up the hedge fund. Platt last year left fund of hedge funds Explorer Asset Management, where he was a manager.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of