JWM Partners | John Meriweather | Hedge Fund Notes

JWM Partners

JWM Partners | Hedge Fund Notes

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Resource #1: (7.8.09) John Meriweather is reportedly closing his JWM Partners hedge fund this year. We published a video on this event here.

Resource #2: John Meriwether's JWM Partners LLC hedge fund will lose four of its seven active partners and cut 10 of 35 staff after the weak performance of its flagship fund this year, the Wall Street Journal reported.

The Greenwich, Connecticut firm expects to lose four partners next year, including Lawrence Hilibrand and John Tsai, the paper said, citing a letter sent to investors on December 17.
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Resource #3: The Journal reports that JWM Partners will "lose" four (out of seven) partners, and will also misplace ten other employees, reducing the staff to twenty five in the coming months. This news was all laid out for investors in the firm's November correspondence, which also contained the information that JWM's flagship, the Relative Value Opportunity Portfolio, fell 42.78% YTD, to a net asset value of $554.8 million.

Fun fact: all JWM letters are branded with a unique watermark bearing Mr. Meriwether's face in various stages of distress during the whole LTCM sitch, which you'd think would serve as a sort of skull and cross bones warning of danger ahead, but apparently, not so much.
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Resource #4: In its place, John Meriwether, LTCM's founder and legendary bond trader, is set to start JWM Partners on Dec. 1. So far, he has raised $300 million to $500 million and continues to seek more money, according to Peter Rosenthal, a spokesman for the old LTCM hedge fund, confirming news service reports.

Meriwether still must repay the $660 million LTCM owes the consortium of Wall Street banks that bailed out the hedge fund last fall. LTCM marked the one-year anniversary of that $3.6-billion rescue plan just this past October.
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Resource #5: Now that he has put the collapse of Long-Term Capital Management behind him, John Meriwether is apparently willing to assume a more public profile. Mr. Meriwether, who was the lead manager of Long-Term, the hedge fund that suffered huge losses after Russia's bond default in 1998, will be a keynote speaker at a conference in Miami Beach in February sponsored by the Managed Funds Association, a trade group for the managed futures and hedge fund industries.

Mr. Meriwether, who now manages around $425 million at his new firm, JWM Partners, had remained largely out of public view since Long-Term's collapse, which unnerved global markets and required an extraordinary bailout by a coalition of Wall Street banks under the guidance of the Federal Reserve.
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Resource #6: Now that he has put the collapse of Long-Term Capital Management behind him, John Meriwether is apparently willing to assume a more public profile. Mr. Meriwether, who was the lead manager of Long-Term, the hedge fund that suffered huge losses after Russia's bond default in 1998, will be a keynote speaker at a conference in Miami Beach in February sponsored by the Managed Funds Association, a trade group for the managed futures and hedge fund industries.

Mr. Meriwether, who now manages around $425 million at his new firm, JWM Partners, had remained largely out of public view since Long-Term's collapse, which unnerved global markets and required an extraordinary bailout by a coalition of Wall Street banks under the guidance of the Federal Reserve.
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Resource #7: Ask Wall Street experts to name two financiers whose fortunes are tied most closely to the bond market and they would most likely settle on Jon S. Corzine, the chairman of Goldman Sachs Group, and John W. Meriwether, founder of the hedge fund Long-Term Capital Management.

So it comes as only a mild shock that Mr. Corzine and Mr. Meriwether, longtime rivals and even bitter antagonists as recently as last fall, have joined forces. Their plan is to head a revived version of Long-Term Capital free from the banks and brokerage firms that rescued it from imminent bankruptcy.
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Resource #8: An Oct. 2 Business Day article disputed an anecdote about a million-dollar contest of liar's poker -- a game played with serial numbers on a dollar bill -- that appears in my book ''Liar's Poker'' without providing my version of events. The source for my account of the famous game between John H. Gutfreund, then chairman of Salomon Brothers, and John Meriwether, then a trader for the company, was Mr. Meriwether himself. He told me the story one evening at the Dorchester Hotel in London as we played liar's poker and discussed Mr. Gutfreund's huge losses in the game to Mr. Meriwether's traders.
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Tags: JWM Partners, JWM Capital, JWM Partners LLC, JWM Partners Hedge Fund, JWM Capital Management, John Meriweather, hedge fund, hedge funds

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