Meredith Whitney, who was most famous for accurately predicting that Citigroup would be forced to cut its dividend in 2007, is winding down the brokerage unit of her advisory firm to set up a hedge fund firm.
Bloomberg reported that Whitney unregistered the brokerage business of Meredith Whitney Advisory Group in August after three unprofitable years. The article added that she is now the chief investment officer and managing principal of New York-based Kenbelle Capital, a long/short fund.
Stanley Arkin, a lawyer at the Arkin Group who told Bloomberg that he’s the general legal advisor to Whitney, said that Kenbelle will be focused on U.S. equities. He added that Whitney is currently in the process of hiring and fundraising for her new venture.
Kenbelle currently has a “healthy line of people who have promised to invest.”