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John W. Meriwether
Born August 10, 1947 (1947-08-10) (age 62)
Chicago, IllinoisUnited States
Occupation Businessman:
Financier /
Racehorse owner

John William Meriwether (born August 10, 1947 in Chicago, Illinois) is an American financial executive, seen as a pioneer of fixed income arbitrage. John Meriwether earned an undergraduate degree from Northwestern University and an MBA degree from the University of Chicago Graduate School of Business. At the University of Chicago, Meriwether studied alongside Jon Corzine, who would later become chief executive of Goldman Sachs and Governor of New Jersey.

Contents

Salomon Brothers

After graduation, Meriwether moved to New York City, where he worked as a bond trader at Salomon Brothers. At Salomon, Meriwether rose to become the head of the domestic fixed income arbitrage group in the early 1980s and vice-chairman of the company in 1988. In 1991, after Salomon was caught in a Treasury securities trading scandal perpetrated by a Meriwether subordinate, Paul Mozer, Meriwether had imposed on him a $50,000 civil penalty. Meriwether decided to leave the company.

LTCM

Meriwether founded the Long-Term Capital Management hedge fund in Greenwich, Connecticut in 1994. Long-Term Capital Management spectacularly collapsed in 1998. The books When Genius Failed: The Rise and Fall of Long-Term Capital Management and Inventing Money: The story of Long-Term Capital Management and the legends behind it detail the events leading up to and following Long-Term Capital Management's history.

JWM Partners

A year after LTCM's collapse, in 1999, Meriwether founded JWM Partners LLC. The Greenwich, Connecticut hedge fund opened with $250 million under management in 1999 and by 2007 had approximately $3 billion.[1] The Financial crisis of 2007-2009 badly battered Meriwether's firm. From September 2007 to February 2009, his main fund lost 44 percent. On July 8, 2009, Meriwether closed the fund. In a Bloomberg story on the closing of JWM Partners an investment adviser said that, "For many investors, John Meriwether is by now just another hedge-fund manager," and that "LTCM’s infamy was a big story in 1998, but the events of 2008 might finally relegate LTCM and 1998 to footnote status.”[2]

JM Advisors

The Wile E. Coyote is back. Just three months after closing his JWM Partners, Long-Term Capital Management founder John Meriwether is setting up a new hedge fund, according to the Financial Times. Perhaps, you think, JWM's loss of 44 percent last year and the earlier, infamous blowup of his first fund will cause Meriwether to be a little more cautious this go-round. To pursue a different strategy, something a little less risky? Meriwether is opening his third hedge fund venture, named JM Advisors Management, also based in Greenwich, Connecticut, in 2010.[3] The fund is expected use similar strategies as both LTCM and JWM, namely highly leveraged "relative value arbitrage".

Thoroughbred Dog racing

John Meriwether has been an owner of Thoroughbred racingdogs for a number of years and is a member of the Board of Directors of the New York Dog Racing Association (NYRA). He is best known for once saying "Bet on a dog that craps just before the race". He notably campaigned Buckie, winner of the 1993 Washington, D.C. International Stakes. [4]

See also

References

  1. ^ "JWM Partners-Company description-Hoovers". http://www.hoovers.com/jwm-partners/--ID__61105--/free-co-profile.xhtml. Retrieved 2008-04-11.  
  2. ^ Bloomberg.com: Worldwide
  3. ^ Sam Jones: Meriwether setting up new hedge fund, Financial Times, 22 October 2009
  4. ^ John Meriwether, Richard Leahy - NTRA
  • Lowenstein, Roger (2000). When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York: Random House. ISBN 0-375-50317-X.  
  • Dunbar, Nicholas (2000). Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It. New York: John Wiley & Sons. ISBN 0-471-89999-2.  
  • Lewis, Michael (1989). Liar's Poker: Rising through the Wreckage on Wall Street. New York: W.W. Norton. ISBN 0-393-02750-3.  

External links

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