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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR