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Townsend Forms Hedge Fund as Partnership With Hill Ends

Gary Townsend, the former bank analyst and co-founder of Hill-Townsend Capital LLC, formed his own hedge fund after winding down the firm he started with Vernon Hill.

GBT Capital Management LLC plans to raise $100 million over three years to invest in financial firms, as well as markets such as Europe and Japan, Townsend said today in an interview. Townsend said he’s signed up partners, whom he didn’t name.