Gary Townsend is starting a new hedge fund after winding down Maryland-based Hill-Townsend Capital.
Bloomberg reported that Townsend plans to raise $100 million in capital in the next three years for GBT Capital Management, which will invest in financial firms, as well as the European and Japanese markets. Hill-Townsend, the long/short hedge fund Townsend launched with Vernon Hill in 2007, liquidated earlier last year after the pair decided to go their separate ways.
Townsend explained to the news outlet that he believes “markets such as Europe and Japan offer attractive valuations along with monetary easing by regulators.”
Maryland-based GBT Capital will be a macro long-short fund, and is expecting to raise $50 million this year.