Richard "Dick" Fuld, who led Lehman Brothers Holdings Inc. as it collapsed, said his asset management firm is rebranding and expanding into private equity offerings and a hedge-fund strategy.
Matrix Private Capital Group, which was known as Matrix Wealth Partners, is opening offices in Los Angeles and Palm Beach, Florida, the firm said Monday.
"We see clear opportunities in a flawed and highly fragmented financial services market," Fuld, 71, said in a statement.
Lehman Brothers filed for the largest bankruptcy in U.S. history in September 2008, the seminal moment of the financial crisis. Fuld blamed short-sellers for fueling his bank's demise. Matrix will offer a long-short equity portfolio, which means that Fuld will oversee a team that can bet against stocks.