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February 17, 2014updated 04 Apr 2017 2:30pm

Gary Townsend forms own hedge fund

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.

By Verdict Staff

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.

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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