03/18/2010 05:12 am ET Updated May 25, 2011

John Meriwether, Former Long-Term Capital Management Manager, Starting New Hedge Fund

John Meriwether, the hedge fund manager and arbitrageur behind Long-Term Capital Management, is in the process of setting up a new hedge fund -- his third.

The move comes barely three months after Mr Meriwether decided to close his second fund manager, JWM Partners, which was wound down after clients saw the value of their investments fall by more than 44 per cent over the course of the financial crisis.