Hill-Townsend's Townsend Readies New Global Macro Firm

Feb 18 2014 | 12:38pm ET

Hill-Townsend Capital has closed its doors, as one of the firm's name partners plans to launch a new hedge fund on his own.

Gary Townsend has founded GBT Capital Management in Chevy Chase, Md. The new global macro firm will focus on financial firms.

"I continue to be very interested in the financials, which I think has further room to go on the upside," Townsend told Bloomberg News.

Townsend said he and Commerce Bancorp founder Vernon Hill liquidated their joint hedge fund early last year. The demise of the six-year-old firm was not due to any disagreement, Townsend said, leaving open the possibility that he and Hill would work together again.

Townsend, formerly of Friedman Billings Ramsey and the Federal Home Loan Bank System, does have partners at GBT, but he declined to identify them.

Townend said he expects GBT to raise $50 million this year, doubling that figure over the next three.

GBT's founding was first reported by American Banker.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of