07/07/2010 Author: Elana Margulies

Hudson Bay co-founder takes on next venture

John Doscas, co-founder of Hudson Bay Capital, has decided to start a next venture, HFMWeek has learned.

Doscas formed New York-based Chartwell Trading, a proprietary trading global event-driven vehicle. The portfolio does not have outside investors but Doscas said in the future, he might be open to taking allocations.

For his new venture, Doscas partnered with Greg Summers, who was previously at Jefferies & Co and traded for Gerber Capital. The duo also plans to hire a number of traders and support staff.

Separately, Doscas has partnered with Pearson Real Estate to take advantage of distressed commercial real estate, arguing this sector will present some of the best market opportunities. Specifically, he will look at North America, and has already acquired over 1 million sq ft in Boston and Pittsburgh.

“Cities with universities and major medical centres present some of the best opportunities because of the obvious pain in the real estate space and there are many workout situations right now,” he said. “In the past, the anchors would draw other commercial opportunities, which have been more retail-oriented.”