Sowood Founder Sets Up Boston Hedge Fund

Jul 15 2008 | 12:11pm ET

Jeffrey Larson’s new hedge fund has a name.

The founder of now-defunct Sowood Capital Management has reportedly teamed up with Sowood alumna Megan Kelleher to form Larson/Kelleher Capital Management.

The duo has also lured former Sowood director Michelle Gillespie to serve as its managing director. The firm, which is located in the Boston area, will reportedly manage a smaller fund than its $3 billion predecessor and will avoid corporate debt.

Larson has reportedly received interest from investors totaling between $250 million and $500 million.

Sowood, which Larson founded after leaving his job managing money for Harvard University’s endowment, was one of the earliest and highest-profile victims of the subprime mortgage mess. The three-year-old firm closed its doors last year after losing 50% of its value.

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