Damien Bombell, a former JPMorgan commodities trader, started a global macro and commodities hedge fund after JPM closed the prop trading desk he worked on, according to Bloomberg.
The fund, named Strand Global Macro Fund, is a portfolio within Strand Asset Management, an advisor to the “Strand family” of hedge funds.
It will begin trading next January and hopes to raise $200 million from investors. Strand Asset Management is in Switzerland, but it is unclear where Bombell’s hedge fund will be based.
The new firm will strive for annual returns of 15% to 20%, and charge a standard fee of 2% of total assets under management.
Strand hired Bombell to be the CIO after he left JPMorgan last November after the bank shut down its commodities proprietary trading desk in order to comply with restrictions imposed on trading for profit by the Volcker Rule, which is part of the Dodd-Frank Act. There’s been an exodus of traders from major banks towards hedge funds as the financial firms begin shutting down their proprietary trading desks.
According to his LinkedIn, Bombell previously worked in trading for Goldman Sachs in New York, Merrill Lynch in London and UBS in Sydney. He is a native of Sydney.
Starting a hedge fund is just one of several ventures Bombell has undertaken in life. In 2000, he started Buyingpower, an online energy brokerage for small businesses. He also moonlights as a fiction writer – penning The Copper Club under the pseudonym Patrick Bell – and allegedly was one of the whistleblowers at Merrill Lynch during the Sumitomo copper scandal in the late ’90s.