Gary Townsend, co-founder of Hill-Townsend Capital, has formed his own hedge fund called GBT Capital Management after completion of a six-year partnership with Vernon Hill.
The fund is planning to raise US$100 million by 2017 to invest in financial firms, as well as in European, Japanese and emerging markets.
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Townsend said, "I continue to be very interested in the financials, which I think has further room to go on the upside."
GBT Capital, which expects to raise US$50 million in 2014, will be a macro long-short hedge fund based in Chevy Chase, Maryland.
Townsend, a former analyst with Friedman Billings Ramsey, however, has not disclosed details of his signed partners.
Townsend started Hill-Townsend in 2007.
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