Stan Druckenmiller |
The closure of Duquesne Capital Management continues to spawn new hedge funds. Wojtek Uzdelewicz, a Duquesne managing director who ran a roughly $500 million technology-focused fund at Stan Druckenmiller’s renowned firm, is planning the launch of Espalier Global Management in New York City, according to people familiar with the matter. Hedge fund legend Druckenmiller, founder of $12 billion Duquesne, ended one of the most successful runs in hedge fund history in August by announcing his plans to retire and close the firm.
Another group of former Duquesne managers is reportedly preparing to start a new global macro fund, Point State Capital, which will oversee roughly $5 billion, one of the largest launches ever.
The funds will come entirely from Druckenmiller ($1 billion) and former Duquesne investors, according to reports.
Espalier’s investment strategy was not immediately clear, but it will presumably be technology related, given its portfolio manager’s background.
Before running the Duquesne high-tech fund, Uzdelewicz was a senior managing director of equity research at Bear Stearns, covering the telecommunications equipment sector from 2000 to 2005, according to his biography from New Europe Ventures, which invests in early-stage high-tech companies in Poland. Uzdelewicz, who is Polish, will continue to serve as an adviser to the group after Espalier launches, according to New Europe Ventures founding partner Martin Jasinski.
According to the same biography, Wojtek was also an analyst with SG Cowen in Boston and was named a top-ranked equity analyst in surveys by the Wall Street Journal and Institutional Investor.
