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John W. Meriwether | |
|---|---|
| Born | (1947-08-10)August 10, 1947 (age 77) Chicago, Illinois, United States |
| Occupation(s) | Businessman Financier Racehorse owner |
John William Meriwether (born August 10, 1947) is anAmericanhedge fund executive.
Meriwether earned an undergraduate degree fromNorthwestern University and anMBA degree from theUniversity of Chicago Booth School of Business.[1]
After graduation, Meriwether moved to New York City, where he worked as abond trader atSalomon Brothers. At Salomon, Meriwether rose to become the head of the domesticfixed income arbitrage group in the early 1980s and vice-chairman of the company in 1988.[2] In 1991, Salomon was caught in aTreasury securities trading scandal perpetrated by a Meriwether subordinate, Paul Mozer. Meriwether was assessed $50,000 in civil penalties.[3]
Meriwether founded thehedge fundLong-Term Capital Management in 1994. The fund collapsed in 1998.[4] The booksWhen Genius Failed: The Rise and Fall of Long-Term Capital Management andInventing 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 demise.[5]
A year after LTCM's collapse, in 1999, Meriwether foundedJWM Partners LLC. The hedge fund opened with $250 million under management and by 2007 had approximately $3 billion.[6] From September 2007 to February 2009, during theGreat Recession, his main fund lost 44%. On July 8, 2009, Meriwether closed the fund.[7]
Meriwether opened his third hedge fund, named JM Advisors Management, in 2010.[8] The fund is expected to use similar strategies as both LTCM and JWM, namely highly leveraged "relative value arbitrage". By March 2011, however, the JM Advisors Macro Fund had raised only $28.85 million.[9]
Meriwether has been an owner ofthoroughbred horses for a number of years and is a member of theboard of directors of theNew York Racing Association (NYRA). He notably campaigned Buckhan, the winner of the 1993Washington, D.C. International Stakes.[10]