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Hedge Fund Plans Macro Play With Bond Veteran

Hedge fund Ritchie Capital Management is starting a global macro team and has hired former Morgan Stanley trading veteran Tom Juterbock to lead the effort.

Hedge fund Ritchie Capital Management is starting a global macro team and has hired former Morgan Stanley trading veteran Tom Juterbock to lead the effort. The team will make bets on interest rates, equities, foreign exchange and commodities and will begin trading in the next month with an undisclosed amount of capital.

Roughly four other professionals will be hired for the effort, said Juterbock. The traders have already been identified but Juterbock said none will be from Morgan Stanley because of restrictions he has from soliciting from his previous employer.

Juterbock left Morgan Stanley in April after about 20 years. He was most recently in charge of the bank's global macro proprietary trading and previously spent several years as head of U.S. government bond trading and chief of global bond trading. Juterbock said his departure was partially a retirement, but that he also grew tired of distractions and ensuing management shuffles surrounding the public spat between ousted CEO Phil Purcell and dissident shareholders. "It's a distraction when you are on the front page of the Wall Street Journal every day," he added.

Ritchie Capital is run by Thane Ritchie, who was on the U.S. national bobsledding team in the early 1990s and also played in the National Football League for the Pittsburgh Steelers and Chicago Bears.

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