Sunday, 28 December 2014
Last updated 3 days ago
Mar 9 2012 | 11:33am ET
Another proprietary trading exile is joining forces with a Normandy Hill Capital veteran to launch a special situations hedge fund.
Douglas Ormond, a former executive director and portfolio manager at JPMorgan Chase, and Michael Schwartz, late a partner at Normandy Hill, have founded Otlet Capital Management in New York. The firm plans to launch its first fund in the second quarter with $100 million in internal, family and friend capital, HFMWeek reports, although Otlet will consider seeking seed or anchor capital.
The Otlet Master Fund will focus on special situations and capital structure arbitrage, relying on fundamental research. Ormond and Schwartz will serve as co-portfolio managers.
Otlet Master will have a capacity of several billion dollars.
Both Ormond and Schwartz left their last jobs last month. The two formerly worked together at hedge fund Aristeria Capital. At Normandy Hill, Schwartz was head of research.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.