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The former chief operating officer of multi-strategy hedge fund operator Boothbay Fund Management is launching a new firm that would trade both cryptocurrencies and traditional asset classes, according to two sources with knowledge of the matter.

Peter Bremberg departed Boothbay in September to focus on the new venture, which he has dubbed The Quarry. Details about its structure are still emerging. But early indications are that The Quarry will offer limited-partners exposures split roughly between 50% crypto and 50% in traditional asset classes including equities, fixed-income and commodities.

That type of strategy could appeal to institutional investors still hesitant about backing fully crypto investment strategies, given the volatility levels in the nascent market. Bremberg is targeting the second quarter of 2022 for a launch, sources say.

Word is that the investment focus would be on arbitrage and relative-value plays. Bremberg declined to comment.

Quarry plans to follow a hybrid model of allocating some capital to outside managers, while also running certain strategies in-house via teams of internal portfolio managers. Indeed, that’s the model Boothbay and peers such as Schonfeld Strategic Advisors follow.

The Quarry would employ separately managed accounts to write checks to outside portfolio managers.

Bremberg had some level of crypto exposure at New York-based Boothbay, which has been backing crypto strategies since 2013. He helped to build out the program there.

He appears to be in the process of hiring a team for Quarry and is seeking out top crypto talent.

Bremberg worked at Boothbay, which is run by founder Ari Glass, for almost six years. Before that, he spent time in prime brokerage sales roles for BNP Paribas. He has also spent time at Northern Arc Capital and Bear Sterns. 

The former chief operating officer of multi-strategy hedge fund operator Boothbay Fund Management is launching a new firm that would trade both cryptocurrencies and traditional asset classes, according to two sources with knowledge of the matter.

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