Monday, 30 November 2015
Last updated 2 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…