Hedge Funds

Banc One executives come together at Quarry

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Four former members of Banc One Capital Markets (BOCM), have banded together to launch a high-yield bond and leveraged loan long/short hedge fund on April 1. The four - Roger Gordon, Barry Schwartz, Jim Baldino and Clifton Chang - are launching The Quarry Point Fund with an expected initial investment of $25 million-$50 million.

The Chicago-based fund will focus principally on intra-credit capital structure arbitrage bond and leveraged loan opportunities in the non-distressed (performing) high-yield and crossover universe. The fund expects to have 25 to 35 "credit opportunities" in the portfolio, with average gross exposure of 150%-200%. Portfolio