John Meriwether
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| John W. Meriwether | |
| Born | August 10, 1947 Chicago, Illinois  |
|---|---|
| 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.
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, Meriwether had imposed on him a $50,000 civil penalty. Meriwether decided to leave the company.
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.
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]
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[edit] Thoroughbred horse racing
John Meriwether has been an owner of Thoroughbred racehorses for a number of years and is a member of the Board of Directors of the New York Racing Association (NYRA). He notably campaigned Buckhar, winner of the 1993 Washington, D.C. International Stakes. [3]
[edit] See also
[edit] References
- ^ "JWM Partners-Company description-Hoovers". http://www.hoovers.com/jwm-partners/--ID__61105--/free-co-profile.xhtml. Retrieved on 2008-04-11.
- ^ Bloomberg.com: Worldwide
- ^ 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.
[edit] External links
- Case Study: Long-Term Capital Management
- Meriwether and Strange Weather: Intelligence, Risk Management and Critical Thinking
