Tuesday, 22 July 2014
Last updated 19 hours ago
Nov 30 2011 | 12:27pm ET
Chelsea Clinton's husband is set to launch a new hedge fund with two former colleagues from Goldman Sachs.
Marc Mezvinsky, who married the daughter of former President Bill Clinton and Secretary of State Hillary Rodham Clinton last year, will join forces with Bennett Grau and Mark Mallon. The three formerly worked together at Goldman's global macro proprietary trading desk, with Mezvinsky leaving to join hedge fund 3G Capital Management three years ago and Grau and Mallon leaving earlier this year, among the refugees of Goldman's decision to shutter its prop. trading operations to comply with the Volcker rule.
Mezvinsky, Grau and Mallon now lead New York-based Eaglevale Partners. The new firm is currently raising money and plans to begin trading in the first half of next year, employing the global macro strategy that the three used at Goldman. Also on board is Michael Fox, formerly a portfolio manager at Woodbine Capital Advisors, who will handle business development at the new firm.
Eaglevale is the latest hedge fund born of the Volcker rule's effect on Goldman. With banks soon to be barred from proprietary trading, several of Goldman's most prominent and successful traders have struck out on their own, among them Daniele Benatoff, Pierre-Henri Flamand, Eric Mandelblatt, Ariel Roskis and Morgan Sze. In addition, the London-based members of the global macro desk joined Brevan Howard Capital Management and nine members of its U.S. prop. desk joined Kohlberg Kravis Roberts.
Mezvinsky is the baby of the group at 33, slightly over half Grau's age. Grau joined Goldman in the 1980s, when the bank acquired commodities trading firm J. Aron & Co., and launched the global macro prop. desk in 1988. Mallon had been with the bank for seven years, joining it in 2004 from Caxton Associates. Mezvinsky left 3G earlier this year to take a highly-publicized ski vacation that led to rumors of a rift between he and his new wife.
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…