His Hedge Fund Imploded in Spectacular Fashion. His New One Has $12 Billion.

Nicholas Maounis oversaw one of the biggest hedge-fund fiascoes in history. Nearly two decades later, he is leading one of the fastest-growing funds. 

In 2006, Maounis was caught by surprise by an energy-trading catastrophe at Amaranth Advisors, which he ran at the time. The firm’s collapse cost investors over $6 billion in a matter of days.