Zachary Squire and Reed Morrissey are launching Tekmerion Capital, a systematic macro hedge fund, operationally spinning out from Brevan Howard with $1 billion in assets under management. The new fund benefits from backing by Engineers Gate and Galaxy Digital CEO Michael Novogratz and is entering the market at a time when macro investing is regaining popularity among institutional investors.
Squire, the chief investment officer of Tekmerion, has a strong background in macro and quantitative investing, having worked at prominent firms such as D.E. Shaw, Bridgewater Associates, and HBK Capital Management. Morrissey, the firm’s CEO, and Squire have a longstanding partnership, dating back to their high school days in New York City.
Tekmerion Capital’s strategy blends discretionary macro research with systematic investment models. The firm emphasizes the importance of ‘nowcasting’—estimating real-time macroeconomic conditions despite lags in official data releases—as a core part of its investment approach. Positions are typically held for several weeks, reflecting the slow-moving nature of many macroeconomic variables.
The name Tekmerion, derived from a Greek term meaning a boundary stone or marker, symbolizes the firm’s approach to clear, evidence-based macro research. The fund originated in 2017 with a small team and limited capital outside of larger platforms.
Tekmerion’s trajectory has included significant milestones, such as its 2024 merger into the Brevan Howard platform, where it operated while maintaining its own branded fund. However, the partners are now returning to independence with a larger team and greater capital. Some former Brevan Howard employees have joined the relaunch team.
The transition is supported by Engineers Gate, a multimanager quantitative firm that hosts Tekmerion in its midtown Manhattan office. This partnership allows Tekmerion to focus on research and trading, easing operational burdens. While they operate from Engineers Gate offices currently, Tekmerion plans to move to a dedicated space near Manhattan’s Chinatown neighborhood, where Squire and Morrissey reside.
Tekmerion has attracted attention for its strong performance, posting returns near 30% in 2022 and 9.3% in 2023. These returns outperform some larger macro funds and have drawn the interest of prominent investors including Alan Howard, co-founder of Brevan Howard.
The firm has also navigated legal challenges, notably a dispute with Bridgewater Associates regarding alleged breaches of contract and trade secret claims, which was resolved in Tekmerion’s favor. This experience has not deterred Squire, who recognizes Bridgewater’s commitment to research and has maintained a respectful view of his former employer.
The fund continues to prioritize intellectual rigor and diverse talent sourcing, departing from traditional quantitative labels. Squire, a Princeton valedictorian with a background in Latin and ancient Greek, and Morrissey, an international relations graduate with field experience, underscore a nontraditional approach to hiring and investing. Their recent internship program includes a classics student from their former high school who is contributing to research efforts.
Tekmerion aims to serve institutional clients seeking portfolio diversification beyond US equities by leveraging distinctive macroeconomic insights. Squire emphasized their desire to engage with investors who understand macro hedge fund dynamics, which they see as particularly relevant in today’s investment environment.
