Wednesday, 23 July 2014
Last updated 12 hours ago
Jul 7 2011 | 2:19pm ET
The Clinton Group's former head of quantitative trading is poised to launch her own quant. hedge fund at the end of the summer.
Ellen Wang's Academy Investment will begin simulated trading within a few weeks, Hedge Fund Alert reports. If all goes according to plan during several weeks of paper trading, Wang and her fellow partners plan to seed the new fund with between $5 million and $10 million before opening it to outside investment.
New York-based Academy seeks to pick up where Wang left off at Clinton, which she left in late 2009. Her strategy, which managed $1.8 billion, returned an annualized 21.1% between the time she took over in 2005 and last year.
The new fund will make between 5,000 and 10,000 trades a day in large- and mid-cap U.S. stocks and well as mid-caps in Canada, Europe and Asia-Pacific, using up to two-times leverage. Academy will focus on highly-liquid markets and stocks to allow it to keep its promise of 100% monthly liquidity with 30 days notice.
Wang has already hired eight people to work at Academy, primarily programmers and research staff. The firm also features Clinton veteran Harlan Simon as head of marketing, working with Donald Cambieri. Jason Fletcher has been named the new firm's top lawyer; he worked with Simon at XE Capital.
Academy is not seeking seed capital and is expected to target institutional investors. North Creek Capital is offering the nascent firm strategic and marketing advice.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…