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Deals & People October 17, 2011
Former JPMorgan Trader Starts Fund
Former JPMorgan Chase
trader Damien Bombell has started a hedge fund to invest in metals,
grains, and energy, reports Business Week.
Reported by PLANADVISER staff
The Strand Global Macro Fund began investing this year with money provided by Bombell and his partners. According to the Business Week article, the fund plans to start trading with capital from external clients in January, and is seeking to have at least $200 million under management.
“The reason why people should invest in strategies like mine is that we are not in an investing environment anymore,” said Bombell.“For the next five to 10 years, we are likely to be in a very disjointed market place, where politicians lurch from one crisis to another. You need tactical traders and people who are mentally flexible.”
Bombell left JPMorgan in November 2010 after the New York-based company told him and other members of the commodities proprietary trading desk it would shut down the unit to comply with U.S. rules that prevent banks from using their own money to wager on markets.
The Strand Fund will try to produce annual returns of 15 to 20%, said Bombell, who serves as Chief Investment Officer of the Zug, Switzerland-based Strand Asset Management AG.