Hedge Funds

O'Connor traders secure $300m

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Former O'Connor traders Michael Friedman and Michael Schmitt recently kicked off their own hedge fund with over $300 million in assets. The duo have been joined by partner Andy Henry, formerly with Wachovia Securities' equity derivatives team. FHS Investments is expected to close the fund once it reaches its target of $500 million. The fund employs three strategies which include event-driven, convertible arbitrage and volatility arbitrage. FHS Investments is based in Chicago.

Both Friedman and Schmitt worked on the O'Connor multi-strategy fund, whose performance has recently picked up after a rocky spell last year. The pair are among O'Connor's