Amaranth's Maounis to start hedge fund Veriton
| May 14th, 2008 | ||
| Nicholas Maounis ex manager of the Amaranth Advisors LLC is planning on starting a new hedge fund called Verition Fund Management LLC. Amaranth collapsed in 2006 after suffering $6.6 billion in losses. The losses came from bets made on natural gas. Brian Hunter, the largest culprit for Amaranth's collapse lost $4.6 billion in one week. Mr. Mounis has raised $200 million to fund the project in Greenwich Connecticut. As an incentive for his clients who lost money with the fall of Amaranth, investors won't pay incentive fees for 3 years. The fund's strategy will focus on quantitative, using computer models to mine out undervalued stocks, bonds and loans, and `special situations' which will focus on convertible bonds issued by companies going through transitions such as mergers. | ||
For Detailed Investor Profiles on these Investors, click below: |
Verition Fund Management LLC |
Amaranth Advisors* |
Related People: Brian Hunter*;
Related Entities: Amaranth Global Equities LLC*;
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