Monday, 25 July 2016
Last updated 32 min ago
Aug 2 2011 | 12:49pm ET
Nylon Capital is poised to deploy its legal winnings by launching a new hedge fund.
The London-based firm, which netted about US$20 million in a settlement last month with Barclays Bank, will use those proceeds to launch a new global macro fund, Financial News reports. Nylon was forced to close its last fund last year after Barclays yanked its £250 million in seed capital after just four months in 2009.
The settlement followed a May ruling that found Barclays had violated the terms of its seed agreement with Nylon. With the Barclays money, Nylon has about US$50 million in its partnership.
With the Barclays case behind him, Nylon Founder Alan Burnell is actively fundraising for a relaunch. He told FN that he's in talks with several institutional investors about seeding the new fund.
It is not clear when the Nylon will launch the fund.
"It's the ideal time to be a global macro trader," Burnell said. "We're involved in the largest economic experiment ever played out in real time."