Tim Toohey jumps to hedge fund

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From the AFR:

High profile Goldman Sachs economist Tim Toohey has joined Ellerston Capital as trader Brett Gillespie builds his team at the newly created macro hedge fund unit within the $4 billion asset manager.

…Mr Gillespie, who worked as a trader at well known macro hedge fund Tudor Investments returned to Sydney from London, and has since established his own macro hedge fund within Ellerston.

“This is one of the most interesting macro environments I can remember,” Mr Gillespie said.

…”Portfolios need to be ready to embrace the consequences of a large fiscal stimulus to an economy near capacity, whilst protecting against the risk of a geopolitical event,” said Mr Gillespie.

Quite right. Tim is excellent though I completely disagree with his current bullish Australia position, the first time I’ve parted ways with him since MB started.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.