Nat Litwak, v.p. in foreign exchange sales at AIG Trading Group in Greenwich, Conn., has quit the firm to launch a global macro hedge fund. The fund, dubbed Squam Global Macro Fund, will trade over-the-counter foreign exchange and fixed income derivatives for hedging, according to Litwak.
At the management entity, Squam Capital, Litwak will be responsible for the business and operational side of the fund while a co-founder, who he declined to name, will be responsible for portfolio management. The firm is named after a lake in New Hampshire. Litwak projects the fund will garner USD300-USD400 million within two years, although he declined to give further details.
Litwak said that his departure from AIG is not related to recent restructurings at the firm, stressing that he was happy working there, with the move instead being prompted by a long-held personal ambition. The firm has both scaled back and lost several foreign exchange staffers since its merger with AIG Financial Products in the summer (DW, 6/2).
At AIG, Litwak reported to Don Lee, senior v.p., global head of foreign exchange options and head of foreign exchange at AIG TG in Greenwich, Conn. Lee declined comment.
