Morgan Stanley Prop. Trader Readies Hedge Fund

Jun 21 2012 | 12:18pm ET

A former Morgan Stanley proprietary trader and an FBR Capital Management veteran have teamed up to launch a hedge fund next month.

Tony D'Andraia and Justin Meadlin founded Hyaline Capital Management in April. The New York-based firm will launch its maiden fund next month with $10 million in initial capital, all of it from D'Andraia, Meadlin and their friends and family.

The Hyaline Capital Opportunity Fund will be a top-down macro-driven long/short equity strategy. D'Andraia, Hyaline's CEO, and Meadline, its chief operating officer, plan to keep the fund highly liquid by trading only the largest stocks and exchange-traded funds, with a concentrated portfolio of 15 to 40 names, HFMWeek reports.

The fund, which has a $500 million capacity, will charge 1.5% for management and 20% for performance with a $1 million minimum investment requirement. It will offer monthly liquidity. JPMorgan Chase serves as prime broker and Admiral Administration as administrator.

D'Andraia was a vice president at Morgan Stanley's prop. trading operation until earlier this year, following stints at Avesta Capital Advisors, Moore Capital Management and Lehman Brothers. Meadline worked in institutional sales at FBR prior to joining forces with D'Andraia.

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