A pair of employees at Magnetar Capital is planning to launch an event-driven hedge fund.
Bloomberg reported that Min Htoo and Jordan Teramo’s New York-based Anandar Capital Management will aim to profit from price discrepancies between equity and debt related to corporate events and can invest globally.
Htoo, a partner at Chicago-based Magnetar, will be the chief executive officer of Anandar while Teramo, a portfolio manager at Magnetar, will take up an undisclosed position at the new firm. The pair has recruited former GSO Capital Partners managing director and head of middle office and operations Christopher Sullivan as Anandar’s chief compliance officer.
Magnetar, which manages about $10 billion in assets, is known for profiting from subprime defaults in 2007 after helping create collateralized debt obligations.