Hedge Funds

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


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