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Head Of MF Global Equity Derivatives Trading Launches Hedge Fund

Tyler Durden's picture




 

Several weeks ago we learned that 2011's vaporizer extraordinaire Jon Corzine is contemplating starting his own hedge fund: presumably one that invests all its capital in Italian 2 year bonds, charges 2 and 20, and then disappears when all LP capital blows up in an AUM supernova. Today, we learn that the stigma freeze associated with all other former MF Global trading whizkids has officially melted, as the former head of equity derivatives of MF Global has just launched a new hedge fund. From Bloomberg: "Daniel Bystrom, former head of equity derivatives trading at MF Global Inc., and Neil Boyarsky plan to start Hawksfield Capital LLC, a New York-based equity volatility hedge fund, by the end of this month. Hawksfield Capital will start with $10 million to $20 million of Bystrom and Boyarsky’s own money, as well as capital from friends and family, Bystrom said in a telephone interview. “The fund will deliver returns that are uncorrelated and often negatively correlated to the returns of the typical hedge- fund strategy,” Bystrom said. “The opportunity set expands dramatically in times of higher volatility, when most other asset classes are not performing well.” Such as the stock of MF Global perhaps?

More:

Boyarsky, 40, has served as executive vice president of Improved Funding Techniques Inc., an actuarial and benefits consulting firm, for 12 years. He will be Hawksfield’s chief executive officer and Bystrom will be chief investment officer.

 

Bystrom and Boyarsky first discussed starting a hedge fund five years ago. After MF Global filed the eighth-biggest U.S. bankruptcy under Chapter 11 on Oct. 31, Bystrom knew the time was right to act on the plan, he said.

 

“It was an ongoing dialog and it was something I knew I would always do at some point,” Bystrom said. “When MF did go bankrupt, it presented me with the right opportunity to do it.”

 

Bystrom said it was “disappointing and frustrating” to be part of an organization brought down by “external forces” separate from his team. MF Global, run at the time by former New Jersey Governor and Goldman Sachs Group Inc. Co-Chairman Jon Corzine, filed for bankruptcy after a wrong-way $6.3 billion trade on its own behalf on bonds of some of Europe’s most indebted nations.

 

Hawksfield’s prime broker is Goldman Sachs.

Hmm, not JP Morgan?

We have nothing to add to this. We are sad, however, that the Onion has now completely and officially missed its IPO window.

 

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Tue, 09/18/2012 - 13:04 | 2807523 HelluvaEngineer
HelluvaEngineer's picture

"A fool and his money are soon parted"

Tue, 09/18/2012 - 13:24 | 2807599 bigdumbnugly
bigdumbnugly's picture

me first, me first!   hey quit budging.   line forms at the rear, pal.

Tue, 09/18/2012 - 13:33 | 2807640 Richard Chesler
Richard Chesler's picture

Muppets wanted.

Tue, 09/18/2012 - 13:35 | 2807649 Lohn Jocke
Lohn Jocke's picture

Damn, I was long Bail Bonds.

Do not pass go, Do not collect $200.

Tue, 09/18/2012 - 14:22 | 2807897 killallthefiat
killallthefiat's picture

I go chop your dollar

Thu, 09/20/2012 - 13:31 | 2815530 Thomas
Thomas's picture

MF Global Gents: In case you are reading this, I would like to say that I hope you completely lose all of your clients' money. It is under those conditions that you may eventually eat shit and die.

Wed, 09/19/2012 - 05:27 | 2810139 Colonel Klink
Colonel Klink's picture

I believe that should be, the line forms at the muppet's rear.

Tue, 09/18/2012 - 13:25 | 2807601 CPL
CPL's picture

x3 ETF's are for pussies. x16 is where it's at.

 

Too bad the leverage decay cycle would be faster than the bots could trade.

Tue, 09/18/2012 - 13:47 | 2807713 LongSoupLine
LongSoupLine's picture

Hawksfield Capital will start with $10 million to $20 million of Bystrom and Boyarsky’s own money.

 

I'm sorry...whos money? 

 

Fuck you SEC!!

Tue, 09/18/2012 - 13:49 | 2807723 drivenZ
drivenZ's picture

"A pension fund and its money are soon parted"

 

corrected.

Tue, 09/18/2012 - 20:08 | 2809054 Buck Johnson
Buck Johnson's picture

Very much so, very much so.  If your foolish enough to invest with this firm and this person you deserve to lose every bit of your money.

Wed, 09/19/2012 - 11:36 | 2811323 Blammo
Blammo's picture

Duuuhhhhh! Where do I sign up?

 

Tue, 09/18/2012 - 13:05 | 2807527 boogerbently
boogerbently's picture

I'd love to see him "do it again" just to rub congress/senates IMPOTENT nose in it !

Tue, 09/18/2012 - 13:08 | 2807537 Capitalist
Capitalist's picture

What?? They didn't call it Vaporized Capital LLC???

Tue, 09/18/2012 - 13:08 | 2807545 ParkAveFlasher
ParkAveFlasher's picture

Hey everybody, free money!

Tue, 09/18/2012 - 13:10 | 2807553 ZeroPower
ZeroPower's picture

Equity derv's trading is often delta-neutral so hopefully they won't pull a corzine a few months after opening..

Then again, UBS's delta-one desk was supposed to be 'perfectly hedged' as well.

Tue, 09/18/2012 - 13:10 | 2807555 ZDRuX
ZDRuX's picture

Vaporfund LLC

Tue, 09/18/2012 - 13:38 | 2807659 CPL
CPL's picture

In a year I'll ask them to deliver the goods that back their etf.  In a year they'll bring me a picture of a board room full of directors laughing with red arrows pointing out the empty space around their heads between the walls.

A stand is then setup with a space heater and a garbage bag is set above the space heater.

 

The heater is turned on, the bag inflates with hot air.  It is then promptly sealed and delivered to my person.

 

The delivery agent then hand me the bag of rapidly cooling hot air, packs the heater and exits.

It could work.  I see the value in your offer, please subscribe me to your newsletter for more relevant information.  Cheque out to cash you say no problem, I trust you.

Tue, 09/18/2012 - 14:26 | 2807913 malikai
malikai's picture

Slain Capital.

Tue, 09/18/2012 - 13:11 | 2807556 WALLST8MY8BALL
WALLST8MY8BALL's picture

 Hawksfield Capital will start with $10 million to $20 million of Bystrom and Boyarsky’s own money, as well as capital from friends and family, (and FARMERS!)

Tue, 09/18/2012 - 13:14 | 2807558 Dr. Engali
Dr. Engali's picture

10 to 20 million? What the hell can you buy with 10 to 20 million? Maybe they will buy a bunch of call options on Berkshire Hathaway. Corzine probably seeded them with a little walking money to get them off his back.

Tue, 09/18/2012 - 13:13 | 2807566 tickhound
tickhound's picture

Tell me this is part of some work-release program.

Tue, 09/18/2012 - 13:14 | 2807568 darteaus
darteaus's picture

Heck yeah he has!

He's been on the inside and sees how it works.  He wants in!

 

Tue, 09/18/2012 - 13:25 | 2807604 salvadordaly
salvadordaly's picture

That's the exact thought I had. He's seen how the game works, and he got the "GOT'S TO GET MINE" mentality! What the hell would be done to him if clients money just vaporized? Just make sure you donate and fundraise for the right person. Your'e good to go! You go boy!

Tue, 09/18/2012 - 13:29 | 2807627 darteaus
darteaus's picture

License to steal.

Tue, 09/18/2012 - 13:17 | 2807575 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bastard ass cheating lying bankers getting one over on the public everyday now.  Fucking people need to fucking wake the fuck up.

Tue, 09/18/2012 - 13:21 | 2807590 Blazed
Blazed's picture

As long as he doesn't go too far like Bernie, then it's all kosher.

Tue, 09/18/2012 - 13:26 | 2807609 Sleepless Knight
Sleepless Knight's picture

Anyone who has any elcetronic funds at this stage of the game is really rolling the dice in my opinion. Things are happening too fast and if you decide to get out "soon" you might find yourself locked in and not by your choice. Keep your wealth to yourself and in your possession, what do you have to loose? 0.3 percent? Land, some cash, PM's, food and water.

Tue, 09/18/2012 - 13:32 | 2807614 TideFighter
TideFighter's picture

So they're starting a B(ystrom) & B(oyarsky), are they? Better get your reserveration in early.

You can check out any time you like...but you can never leave!

Tue, 09/18/2012 - 14:01 | 2807629 Laughinggrizzley
Laughinggrizzley's picture

"Dear Friends and Family, 

   I have an EXCITING opportunity to invest in my new hedge fund. As many of you know, I use to work at MFG, but due to "external forces", MFG is no longer in business. But, don't worry, your money will be safe, as I will only invest in credit swaps in Europe, which will give you a 20% apr return!"

 

And, poof, it is gone...

Tue, 09/18/2012 - 13:38 | 2807660 suckerfishzilla
suckerfishzilla's picture

It's not possible to pass laws such that fools and their money are protected.

Tue, 09/18/2012 - 13:43 | 2807691 caimen garou
caimen garou's picture

cough err crooks, burp ah thieves,fart eek piss ants looking to get what they can out of you then vaporize accounts

Tue, 09/18/2012 - 13:44 | 2807698 Silverhog
Silverhog's picture

Hindenburg Capitol LLC would be a better name.

Tue, 09/18/2012 - 13:46 | 2807708 Cursive
Cursive's picture

$10 to $20 million of their own money.  This wreaks of the need for a lawsuit and judicial claw back.

Tue, 09/18/2012 - 13:50 | 2807714 percolator
percolator's picture

"Hawksfield Capital will start with $10 million to $20 million of Bystrom and Boyarsky’s own money, as well as capital from friends and family, Bystrom said in a telephone interview."

I think Bystrom left out an important source of funds in the interview:

"Hawksfield Capital will start with $10 million to $20 million of Bystrom and Boyarsky’s own money, as well as capital from friends and family, but most of it was stolen from MF Global customers, Bystrom said in a telephone interview."

Tue, 09/18/2012 - 13:49 | 2807725 CheapBastard
CheapBastard's picture

"Senkaku Diversity Hedge Fund" is the name you say?

Tue, 09/18/2012 - 13:58 | 2807765 brace_brace_brace
brace_brace_brace's picture

http://online.wsj.com/article/SB1000087239639044399560457800439332496072...

 

JP Morgue is at it again. They are the experts in siphoning.

Tue, 09/18/2012 - 14:00 | 2807774 fuu
fuu's picture

Fuck Corzine!

Tue, 09/18/2012 - 14:05 | 2807802 Inthemix96
Inthemix96's picture

This cunt wants to be on the wrong side of a 12 gauge shot gun.

How many more MFG, and other arse ripping cons will you lot take?

Cease and fucking desist, you fucking zionist shithawks.  When is enough, enough?

Tue, 09/18/2012 - 14:07 | 2807812 larz
larz's picture

Hey guys how do I invest?

Tue, 09/18/2012 - 14:15 | 2807859 Eastwood
Eastwood's picture

Open mouth. Insert M80. Light Fuse. Outcome less painful than investing in this VaporFund!

Tue, 09/18/2012 - 14:42 | 2808003 q99x2
q99x2's picture

Maybe he'll have a stroke.

Tue, 09/18/2012 - 15:09 | 2808115 mrdenis
mrdenis's picture

Corzine the great Obama bundler .......still free ...http://www.foxbusiness.com/industries/2012/09/11/exclusive-mf-global-cfo...

Tue, 09/18/2012 - 15:52 | 2808294 ZeroAvatar
ZeroAvatar's picture

Once we get that $10 to $20 million leveraged 100:1, then the fun can REALLY get started!

 

(Because nothing's easier than stealing money using a hedge fund!)

Tue, 09/18/2012 - 16:24 | 2808377 Venerability
Venerability's picture

And we're wondering what caused the Flash Crash in Brent against all logic and rationality!

I am getting sick of these constant Bird Names, however. 

(I hear hawks make great hamburger, especially if you mix in some peregrine fat.)

Tue, 09/18/2012 - 16:49 | 2808457 The Alarmist
The Alarmist's picture

F*cking brilliant ... he's figured out a way to steal clients' money and charge them 2&20 for the privilege.

Tue, 09/18/2012 - 17:58 | 2808662 Capt Tripps
Capt Tripps's picture

Hahaha.  HAHAHAHAHAHA!

 

Here's 20 mil fuckwit go for it!  2 and 20 b1tch3z!  lolol

Tue, 09/18/2012 - 19:42 | 2808947 max2205
max2205's picture

Ur kidding

Thu, 09/20/2012 - 00:21 | 2813913 Lore
Lore's picture

 

 

"Bystrom said it was “disappointing and frustrating” to be part of an organization brought down by “external forces” separate from his team. 

WHO WENT TO JAIL?  HOW MANY DECADES DID THEY GET?  WHO TOOK RESPONSIBILITY?

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