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October 15, 2002 at 08:00 PM
NEW YORK (HedgeWorld.com)–BTP Capital is tackling a generally overlooked segment of the fixed-income market, municipal bonds, with a new hedge fund slated for a Dec. 1 launch.
The firm was founded in August by Jim Wise and Chris Dillon, former traders on J.P. Morgan’s proprietary trading municipal bond desk. The new fund, also under the BTP Capital name, is expected to begin trading with US$50 million, according to company officials.
The fund hopes to take advantage of what is a large market–BTP tags it at 60% the size of the U.S. Treasury market–but for structural reasons is inefficient. The inefficiencies exist because both municipal issuers and large investors are restricted in how they can invest and trade, according to BTP.
