Saturday, 20 September 2014
Last updated 21 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.