Magazine article American Banker

Veteran Bank Investor Gary Townsend Forms Hedge Fund

Magazine article American Banker

Veteran Bank Investor Gary Townsend Forms Hedge Fund

Article excerpt

Byline: Paul Davis

Gary Townsend is striking out on his own after a six-year partnership with veteran banker Vernon Hill.

Townsend has formed GBT Capital Management, a Chevy Chase, Md., hedge fund that is looking to raise up to $100 million. Townsend, a former equities analyst, says the fund will invest in financial firms but will also look at overseas opportunities in Europe, Japan and emerging markets.

"I won't be as focused on financials as I have been in the past but I will still be using a long-short approach" to investing, he says.

"I'm still working on the funding," Townsend adds. "It is always challenging to raise money, but fortunately I've got a history with investors."

Townsend spent a decade at Friedman, Billings, Ramsey before forming Hill-Townsend Capital with Hill in 2007. The investment firm represented a comeback of sorts for Hill, who had just resigned as chief executive of Commerce Bancorp in Cherry Hill, N. …

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