London-based Fortune Group has been chosen by New Jersey-based Devonshire Warwick Partners (DWP) to partner with the firm in the launch of its new volatility arbitrage fund.
The new fund will be launched through Fortune's Emerging Manager Program. Fortune will offer an exclusive feeder fund into the underlying fund with favourable liquidity and redemption terms for investors.
DWP, a hedge fund based in Englewood Cliffs, New Jersey, has already raised funds with high profile institutional investors and expects to launch with U$100m starting capital in September 2003. Specifically, DWP will seek to exploit mispricings in the markets for index and individual stock options.
The architect of the strategy and principal of DWP, Tony Glickman, has a long history of successful design and implementation of hedging and arbitrage strategies.
Mr Glickman has held a series of senior trading positions at Bankers Trust, Chemical Bank, and most recently as the Head of Corporate Treasury at the Canadian Imperial Bank of Commerce.
He is supported by a team of former colleagues and employees, including noted risk and derivatives expert, Dr. Georges Courtadon, formerly Managing Director and Head of Risk Control at CDC Ixis, and Principal and Head of Equity Derivatives Research at Morgan Stanley. Neil Rackoff, formerly President of Friedberg Mercantile Group, is the firm's chief operating officer.