John Meriwether, the man who was at the helm of the best-known hedge fund meltdown in history – Long-Term Capital Management – has launched his third hedge fund venture, JM Advisors.

Reports circulated last October that Meriwether was planning a comeback with a US-based outfit, but he has now gone ahead and launched two funds. Both follow a global macro hedge fund strategy, according to documents filed with the US Securities and Exchange Commission. One is targeting offshore investors and the other, US investors.