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

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note