Peter Nolan, formerly a principal at U.S. fixed-income firm Smith Breeden Associates has joined with Duke University finance professor Michael Brandt to form QMS Capital Management, a quantitative global macro shop. The firm plans to launch a $200 million managed account on May 1, and could open to outside investors by yearend. QMS, which is based in Durham, N.C., will initially trade managed futures, global interest rates, currencies, stock indices, and commodities. Within six months, the firm plans...