Walleye Incubates Hedge Fund Strategy for Potential Spinout

Hedge fund firm Walleye Capital has hired two portfolio managers to trade financial sector stocks, with a goal of potentially spinning out their strategy at a later stage.

The New York-based hedge fund firm has hired Jared Baker and Conor McDonnell to initially run their strategy internally and exclusively for Walleye for a period of time before allowing them to start their separate external fund open to third-party capital, a person familiar with the matter said, asking not to be identified discussing private information.