Ex-Morgan Stanley Prop. Trader Launches Hyaline Hedge Fund

Sep 27 2012 | 12:46pm ET

Morgan Stanley's former proprietary trading vice president has launched his first hedge fund.

Tony D'Andraia's Hyaline Capital Management recently unveiled its maiden hedge fund, a macro-driven long/short equity vehicle. The new fund is domiciled in Delaware, while Hyaline itself is based in New York.

D'Andraia set up Hyaline earlier this year with former FBR Capital Management institutional salesman Justin Meadline. The two men have pledged to invest a "significant" portion of their own money in the fund, Opalesque reports.

D'Andraia, who left Morgan Stanley earlier this year, serves as CEO and Meadline as chief operating officer. Hyaline will invest in a concentrated portfolio of 15 to 40 highly-liquid stocks and exchange-traded funds, using a top-down investment strategy. The fund has a $500 million capacity.

Interested investors will have to pony up at least $1 million to get into Hyaline, which charges 1.5% for management and 20% for performance. JPMorgan Chase serves as prime broker and Admiral Administration as administrator.

Before joining Morgan Stanley, D'Andraia worked at hedge funds Avesta Capital Advisors and Moore Capital Management.

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