Who Fans Launch Sovereign Debt Hedge Fund

Jul 1 2009 | 12:55pm ET

Who are you? If you really want to know, it’s a new sovereign-debt hedge fund founded by Brevan Howard Capital Management veterans.

Greenwich, Conn.-based 5:15 Capital Management launched its first hedge fund today, Bloomberg News reports. The firm is named after a song by Rock and Roll Hall of Famers The Who, beloved by the firm’s founders.

“We’re all Who fans and love that tune,” managing partner Morris Sachs told Bloomberg of the song, the first single from The Who’s second rock opera, Quadrophenia. “What are we going to do, try to find another name for the Greek god of money?”

In the song 5:15, which kicks off the second record of the double album, the opera’s protagonist, Jimmy, takes the train to the beachside city of Brighton, consuming massive quantities of amphetamines along the way.

The hedge fund of the same name, alas, is somewhat more staid. The 5:15 Master Fund will invest in government debt from the world’s seven largest economies, employing a relative value strategy with a macro overlay, according to Sachs. The fund debuted with $60 million, and the firm expects to be managing $100 million shortly. The fund has a capacity of $1 billion.

Joining Sachs at the new venture are two former colleagues from Brevan Howard, E.G. Fisher and Rob Wahl. The three men have worked together for a dozen years, firm at RBC Greenwich Capital Markets and then at Brevan Howard, which they left last year when the firm cut back on it U.S. business.


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