Thomas Bostwick, a director at Cowen and Company, the investment banking arm of securities firm Cowen Group, has left the firm and plans to launch a fund of hedge funds.

His new firm, Bostwick Capital, is expected to launch the $500m (€392m) fund on October 1, according to a hedge fund marketer familiar with the launch. The fund will invest in up to 15 long/short equity hedge funds.