Guggenheim Global Trading Launches Operations With $250M

Jan 25 2012 | 1:33pm ET

Guggenheim Partners' multi-strategy hedge fund, Guggenheim Global Trading, has launched operations with $250 million of the $500 million pledged by the parent company.

GGT took on its first third-party investor on Jan. 16, it said in a Securities and Exchange Commission filing. It now boasts three such investors, and plans to continue offering the vehicle for at least a year.

There is a $10 million minimum investment requirement.

GGT was established in March 2011 with an initial commitment of $500 million from Guggenheim Partners. The firm says it will commit up to another $1.5 billion over the next few years to the strategy, managed by Patrick Hughes and Loren Katzovitz, who previously managed the Guggenheim Advisors fund of hedge funds managed account platform.

Prime brokers are Morgan Stanley and Credit Suisse, the administrator is Citco and the auditor is PwC.

Guggenheim Global Trading is now in the process of recruiting, and aims ultimately to have 25 to 30 trading groups. The firm has offices in Purchase, N.Y. and envisions eventual expansion to Chicago, San Francisco, Geneva and Asia.


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