Launches & Closures

Man stakes ex-Brevan Howard traders for $50m

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New hedge fund follows global interest-rate arbitrage strategies.

Man Investments has invested $50 million in a new hedge fund that follows global interest-rate arbitrage strategies. The new firm, called 5:15 Capital Management, was formed in Greenwich, Conn., by an eight-member team that recently left Brevan Howard’s Connecticut office.

According to Man, 5:15’s team has generated consistent positive returns without a down year for the past 16 years. The firm is led by Edward Fisher and Robert Wahl, both managing partners and portfolio managers, and Morris Sachs, chief risk officer. The three men spent about a year at Brevan Howard. Previously they worked together at Greenwich Capital