Launches & Closures Hedge Funds

Ex-Smith Breeden pro joins Duke finance prof. to launch global macro firm QMS


Peter Nolan of Smith Breeden and Michael Brandt of Duke University join forces.

Peter Nolan, formerly a principal at U.S. fixed-income firm Smith Breeden Associates has joined with Duke University finance professor Michael Brandt to form QMS Capital Management, a quantitative global macro shop. The firm plans to launch a $200 million managed account on May 1, and could open to outside investors by yearend.

QMS, which is based in Durham, N.C., will initially trade managed futures, global interest rates, currencies, stock indices, and commodities. Within six months, the firm plans to begin trading long/short equities in developed markets, and in another six months, will add exposure to emerging markets. The