A pair of John Meriwether protégés are going into business for themselves.

David Ko, the quantum physicist-turned-hedge fund trader, and Stephen Cain have set up Kurtosis Capital Partners in London. The firm aims to raise between $100 million and $250 million for the launch of a global macro volatility hedge fund, The Wall Street Journal reports.

Ko got his start in the hedge fund world at Meriwether’s Long-Term Capital Management, which collapsed amid the Russian debt crisis in 1998. He then joined Meriwether’s successor firm, JWM Partners. Cain also worked at JWM after stints with hedge funds Shumway Capital and Nylon Capital, as well as a period as global head of currency trading at Deutsche Asset Management.

The pair are reportedly eschewing the use of leverage, one of the main factors in the collapse of LTCM.