Hedge Funds

Ex-CSAM man Smith teams up with Birnbaum for macro fund

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Laurence Smith, the former global chief investment officer of Credit Suisse Asset Management, has resurfaced with his own hedge fund firm. Smith has partnered with Robert Birnbaum, a former managing director for Columbia Management Group, to start a global macro fund.

Third Wave will incorporate both a quantitative and a qualitative investment process in order to achieve consistent returns. The fund invests primarily in highly liquid financial futures, for long and short exposure across developed equity, fixed-income and currency markets.

Exchange-traded options (generally long) may be used for risk control purposes. Physical securities are used occasionally, generally as a