Ex-Countrywide Exec. Preps Global Macro Hedge Fund

A former executive at Countrywide Financial Corp., whose leaders have been lambasted for contributing to the ongoing mortgage crisis, has launched a global macro hedge fund shop with a twist.

Susan Estes formed Zetian Capital, which specializes in long/short global fixed-income products, in February. However, the firm's first fund will not invest in illiquid credit markets.