Share This Profile
Share this profile on Facebook.
Link to this profile on LinkedIn.
Tweet this profile on Twitter.
Email a link to this profile.
See other services through which you can share this profile.
This profile was last updated on 5/22/14  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Bill Lipschutz

Wrong Bill Lipschutz?

Board Member

Phone: (212) ***-****  HQ Phone
Brave New World Theatre Inc
234 West 44Th Street
New York, New York 10036
United States

 
Background

Employment History

  • Principal and Director of Portfolio Management
    Hathersage Capital Management LLC
  • Owner and Principal
    Hathersage Capital Management LLC
  • Principal Trader
    Salomon Brothers Inc.
  • Global Head of Foreign Exchange
    Salomon Brothers Inc.
  • Managing Director
    Salomon Brothers Inc.
  • President and Chief Executive Officer
    North Tower
  • President and Chief Executive Officer
    Rowayton Capital Management Inc.

Board Memberships and Affiliations

Education

  • MBA , Finance
    Johnson School of Management at Cornell University
  • BFA , Architectural Design
    Cornell University
  • MBA
64 Total References
Web References
Brave New World
www.bravenewworldredux.com, 22 May 2014 [cached]
William Lipschutz
...
WILLIAM LIPSCHUTZ William Lipschutz is the owner and principal of Hathersage Capital Management LLC, a U.S. based Asset Management firm and Hedge Fund Advisor. Hathersage invests in the global foreign exchange markets, seeking value in the relationship between various currency pairs throughout North America, Europe and Asia.
Mr. Lipschutz was at one time a Managing Director of Salomon Brothers Inc., where he was Global Head of Foreign Exchange. He was the principal trader for Salomon Brothers' proprietary foreign exchange account from 1984 until he left in June 1990. From 1986 until 1992, Bill served as a member of the Board of Governors of the Philadelphia Stock Exchange, as well as vice chairman of the Foreign Exchange Committee of that Exchange.
Mr. Lipschutz received a B.Arch. in Architectural Design from Cornell University and a M.B.A. in Finance from the Johnson School of Management at Cornell University.
Mr. Lipschutz is featured in The New Market Wizards: Conversations with America's Top Traders, by Jack D. Schwager, 1992.
Hathersage - How Lipschutz Downsized to Bigger Things
www.hathersage.com, 28 May 2007 [cached]
Bill Lipschutz
...
Bill Lipschutz was once considered one of the world's top-five FX traders. Now managing currency hedge fund company Hathersage, he talks to Helen Avery about why FX is catching the eye of institutional investors and how he sees the trend developing.
"ONCE A DEALER, always a dealer", was once the motto of the Association Cambiste Internationale, the international society of foreign exchange dealers headquartered in Paris. For Bill Lipschutz, principal and director of portfolio management for currency hedge fund company Hathersage, nothing could be truer. Lipschutz joined Salomon Brothers as a newly graduated MBA in 1982 when foreign exchange trading was the realm of commercial banks, and in just six years he built an unparalleled FX trading business at the investment bank. By the mid-1980s Salomon heldat that time the premier marketplace for FX options trading. By the end of the 1980s, Salomon was making as much money with 21 traders worldwide as Citibank was with 70 dealing rooms, and Lipschutz was regarded as one of the world's top-five FX traders. When he relinquished his position as managing director and global head of FX in 1990 it was with the intention of taking early retirement. But within 14 months the lure of the markets was too much and Lipschutz and a team from Salomon set up their own currency trading hedge fund company.
"I was taking a few courses at NYU, Lewis [Broad] and I were doing a bit of trading on our own account and thought why not try this as a business with more personal flexibility than we would have at a large company," Lipschutz says.
...
Lipschutz is the principal trader, operating out of his spacious apartment in New York's trendy NoHo precinct where he has lived since his days at Salomon Brothers. It's where he invites clients, and as such it seems more of an office than a home. There is the obligatory black leather couch, the works of art on the wall and a handful of trading screens and telephones. The seven other employees - a second trader, a risk manager and compliance officer, a director of research, a director of client services, two trade support people and an IT manager - are located elsewhere in Manhattan, on Long Island or in Connecticut. All met as students at Cornell University, at Salomon or socially and have known each other well for almost 20 years. "Most of us started out at big firms," says Lipschutz. "We decided that we wanted this to stay small, geographically flexible and extremely focused. Each person's role is very specific and each person is very experienced and very good at what they do. In the early 1990s even a small operation had to have formal offices and lots of visible support staff - I call it 'the mahogany and marble on Park Avenue look' - in order to begin a dialogue with institutional investors. That isn't the case now - large or small, virtual works."
When Lipschutz and his colleagues founded Hathersage it was easy to be small.
...
There is no long or short," says Lipschutz.
Studies also suggest that currency markets have no beta and that all profits derived from trading FX in active management are considered to be from alpha or manager skill. That makes it extremely attractive to institutions wanting to port alpha onto other asset classes. "We are looking at possible structures with commercial banks that hold portfolios of bonds," says Lipschutz. "They are looking at holding bonds whose coupons would be indexed to Hathersage's trading in FX."
Lipschutz is a discretionary trader, trading solely in G7 currencies; he believes such trading has recently become more attractive to investors. "When I came into the market there was no on-desk computing power," he says.
...
Lipschutz also argues that most systems have an inherent bias in them, leading to certain kinds of trades. "It is well acknowledged that the most profitable market environment for FX trading is a trend - in particular a trend that unfolds over a medium- to long-term time horizon," he says.
...
Lipschutz predicts that institutional investors, rather than entering the currency market through fund vehicles, will opt to invest through managed accounts. Funding makes much more of a difference in FX than, say, equities. Hathersage is set up to offer only managed accounts for a variety of reasons. Managed accounts allow each mandate to be tailored to the individual client and have enabled the firm to focus on trading, rather than portfolio valuation and handling of money.
"An investor can set up their account at the financial institution of their choice, which will then extend them the terms of collateral for that account," Lipschutz says.
...
Lipschutz says: "In FX, the collateral required by banks can range from none to 3% depending on an investor's relationship with the bank.
...
Lipschutz has grown up with the options market. "When I started, the equity options market was undeveloped, the FX options market was non-existent," he says.
...
"We all think we're smarter than the market from time to time," Lipschutz says, "and traders really do get married to their positions.
...
As the market is growing, Lipschutz himself finds his firm in a difficult position. Hathersage was set up to focus solely on trading, offering a small number of clients a personalized service. Lipschutz clearly lives to trade, indeed there would be little to stop him from taking on more assets if he wanted to grow the firm. He has the experience of running $3 billion to $5 billion in open positions after all. "It's not about the zeros," he says. "We know that our approach works with big numbers."
As a result, Lipschutz and his partners haven't been actively marketing their services, but it seems inevitable that the firm will have to reconsider its stance.
This partly explains Lipschutz's decision to return to the public eye. More than most, he knows that in times of competition money talks. He says: "To be a relatively small player puts a lot of demands on your service providers - the sell-side banks and other financial institutions.
Hathersage - Bill Lipschutz
www.hathersage.com [cached]
Bill Lipschutz Hathersage - Bill Lipschutz Hathersage
...
Bill Lipschutz
...
Bill Lipschutz Cornell University, BFA in Architectural Design Cornell University, MBA in Finance
...
Bill Lipschutz is the Principal and Director of Portfolio Management for Hathersage.
Prior to helping form Hathersage, Bill was President and Chief Executive Officer of Rowayton Capital Management Inc., an asset management firm that he founded in August 1991.
Prior to that, Bill was President and Chief Executive Officer of North Tower Management Group, Inc., a wholly owned subsidiary of Merrill Lynch, Pierce, Fenner & Smith Inc.
Bill began his career at Salomon Brothers in 1982 as one of the original members of the newly formed Foreign Exchange Department. He was the principal trader for Salomon Brothers' proprietary foreign exchange account from 1984 until he left in June 1990. In 1988, Bill was appointed a Director and Head of the Global Foreign Exchange Options Group and the New York Foreign Exchange Trading Desk. In 1989, he was appointed a Managing Director and Global Head of Foreign Exchange.
Bill has participated actively in the development of both the exchange-traded and over-the-counter foreign exchange option markets. He has held a number of elected and appointed positions in the foreign exchange industry, including as a member of the Board of Governors of the Philadelphia Stock Exchange, as vice chairman of the Foreign Exchange Options Committee of that exchange, as a member of the Ad Hoc Federal Reserve Option Committee, as a member of the Advisory Committee of the Chicago Board Options Exchange and as a Director of the Philadelphia Board of Trade.
Bill Lipschutz received a BFA in Architectural Design from Cornell University and a MBA in Finance from the Johnson School of Management at Cornell University.
Bill Lipschutz is featured in The New Market Wizards: Conversations with America's Top Traders, by Jack D. Schwager, 1992 and The Mind of a Trader: Lessons in Trading Strategy From The World's Leading Traders, by Alpesh B. Patel, 1998.
...
Bill was inducted into the Trader Monthly Hall of Fame in October 2006.
Hathersage - The Team
www.hathersage.com, 31 Jan 2009 [cached]
Bill LIpschutz
...
Bill Lipschutz, Director of Portfolio Management
Oversees all aspects of portfolio management
Brave New World
www.bravenewworldarts-nyc.com, 23 Dec 2007 [cached]
William Lipschutz
...
WILLIAM LIPSCHUTZWilliam Lipschutz is the owner and principal of Hathersage Capital Management LLC, a U.S. based Asset Management firm and Hedge Fund Advisor.Hathersage invests in the global foreign exchange markets, seeking value in the relationship between various currency pairs throughout North America, Europe and Asia.
Mr. Lipschutz was at one time a Managing Director of Salomon Brothers Inc., where he was Global Head of Foreign Exchange.He was the principal trader for Salomon Brothers' proprietary foreign exchange account from 1984 until he left in June 1990.From 1986 until 1992, Bill served as a member of the Board of Governors of the Philadelphia Stock Exchange, as well as vice chairman of the Foreign Exchange Committee of that Exchange.
Mr. Lipschutz received a B.Arch. in Architectural Design from Cornell University and a M.B.A. in Finance from the Johnson School of Management at Cornell University.
Mr. Lipschutz is featured in The New Market Wizards: Conversations with America's Top Traders, by Jack D. Schwager, 1992.
Other People with the name "Lipschutz":
Other ZoomInfo Searches
Accelerate your business with the industry's most comprehensive profiles on business people and companies.
Find business contacts by city, industry and title. Our B2B directory has just-verified and in-depth profiles, plus the market's top tools for searching, targeting and tracking.
Atlanta | Boston | Chicago | Houston | Los Angeles | New York
Browse ZoomInfo's business people directory. Our professional profiles include verified contact information, biography, work history, affiliations and more.
Browse ZoomInfo's company directory. Our company profiles include corporate background information, detailed descriptions, and links to comprehensive employee profiles with verified contact information.
zirhbt201304