Monday, 8 February 2016
Last updated 59 min 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.