1994: Long-Term Capital Management is founded by John Meriwether and accepts investments from 80 investors who put up a minimum of $10 million each. The initial equity capitalisation of the firm is $1.3 billion. (The Washington Post, 27 September 1998)

End of 1997: After two years of returns running close to 40%, the fund has some $7 billion under management and is achieving only a 27% return — comparable with the return on US equities that year.

 

Meriwether returns about $2.7 billion of the fund's capital back to investors because \"investment opportunities were not large and attractive enough\" (The Washington Post, 27 September 1998).

 

Early 1998: The portfolio under LTCM's control amounts to well over $100 billion, while net asset value stands at some $4 billion; its swaps position is valued at some $1.25 trillion notional, equal to 5% of the entire global market. It had become a major supplier of index volatility to investment banks, was active in mortgage-backed securities and was dabbling in emerging markets such as Russia (Risk, October 1998)

 

September 1998: Goldman Sachs, AIG and Warren Buffett offer to buy out LTCM's partners for $250 million, to inject $4 billion into the ailing fund and run it as part of Goldman's proprietary trading operation. The offer is not accepted. That afternoon, the Federal Reserve Bank of New York, acting to prevent a potential systemic meltdown, organises a rescue package under which a consortium of leading investment and commercial banks, including LTCM's major creditors, inject $3.5-billion into the fund and take over its management, in exchange for 90% of LTCM's equity.

 

 

Mar 2008: Long Term Capital Management FX Group Limited is founded in London.

 

May 2008: LTCM Wuhan Branch

 

LTCM的历史

 

长期资本管理公司（LTCM）位于离纽约市不远的格林威治，是一家主要从事定息债务工具套利活动的对冲基金。LTCM创立于1994年，主要活跃于国际债券和外汇市场，利用私人客户的巨额投资和金融机构的大量贷款，专门从事金融市场炒作。LTCM与量子基金、老虎基金、欧米伽基金一起被称为国际四大\"对冲基金\"。LTCM掌门人是梅里韦瑟（Meriwehter),被誉为能\"点石成金\"的华尔街债务套利之父。他聚集了华尔街一批证券交易的精英加盟：1997年诺贝尔经济学奖得主默顿（Robert Merton)和舒尔茨（Myron Schols),他们因期权定价公式荣获桂冠；前财政部副部长及联储副主席莫里斯（David Mullis)；前所罗门兄弟债券交易部主管罗森菲尔德（Rosenfeld)。

 

在1994--1997年间，LTCM业绩辉煌骄人。成立之初，资产净值为12.5亿美元，到1997年末，上升为48亿美元，净增长2.84倍。每年的投资回报率分别为：1994年28.5%、1995年42.8%、1996年40.8%、1997年17%。

 

1998年，亚洲金融危机爆发，同年8月，俄罗斯爆发金融危机，拒绝偿还债券，LTCM巨额亏损43亿美元，LTCM宣布破产，9月23日，美联储出面组织安排，以美林、摩根为首的15家国际性金融机构注资37.25亿美元购买了LTCM的90%股权，LTCM避免了倒闭的厄运。

 

经过近十年的恢复，2007年末，还握有10%股权的LTCM王者归来，LTCM当年创办人之一的Rosenfeld与当年分别担任财务总监和控制员的Robert Shustak和Bruce Wilson在纽约重新成立名为量子选择的对冲基金，LTCM避开了曾经导致自己万劫不复的国际债券市场，重新投身于更加活跃的外汇市场，在伦敦重新组建LTCM FX Group Limited。