WESTPORT, Conn. (HedgeWorld.com)–Three former senior executives from Bank of America are set to make their mark in the world of foreign currency trading with their first hedge fund, Scalene Partners LLC.
The U.S. hedge fund takes advantage of price movements in foreign currency during the trading day in New York. The fund trades sterling, euros, the Australian dollar, the Canadian dollar, and the yen.
Scalene Partners opened in mid-May with US$2 million in partner assets. The managers of the fund are foreign exchange experts, using their backgrounds at Bank of America’s U.S. foreign exchange trading desk as the foundation for their trading strategy.
David Greenwald, partner at Scalene Capital Management described the trading methodology as, “capturing the time period of the market value equilibrium and when that equilibrium is broken is when we trade.”
Mr. Greenwald was a managing director at Bank of America and head of U.S. foreign exchange trading. At the bank, he centralized the trading in consolidating Los Angeles and San Francisco operations within the firm’s New York office. At Scalene, his focus is on building the fund’s infrastructure and enhancing its trading platform.