A group of senior Bank of America equity derivatives executives that defected earlier this year are putting the final touches on their first hedge fund, Laurel Ridge Partners (DW, 2/26). The team, led by cio Van Nguyen, former business manager of the equity derivatives trading group at BofA in New York, is planning to launch the fund this quarter, as well as its offshore entity Laurel Ridge International, with USD200 million in committed capital from outside investors. Nguyen declined to name the investors but added that the firm is looking to cap the pair of funds at USD250 million.
The multi-strategy, market neutral approach will be managed by Nguyen and five other portfolio managers John Illuzzi, Nathaniel Newlin, Andrew Mitchell and Timothy Walton--all former managing directors at Bank of America--as well as Venk Reddy, a former principal in the equity derivatives trading group at Bank of America. The New York-based firm is using Goldman Sachs as its prime broker.
