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.