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Ferrell Capital Management was founded by Bill Ferrell in 1988 as a risk management consulting firm. Having just resigned from the Board of Directors and Management Committee at Kidder Peabody, Bill's business model for FCM was to provide clients with the benefits of the risk analytics used by Bill and other Wall Street firms to manage their trading desks. Early clients were the leading money center banks seeking guidance with capital allocations to their trading and portfolio management businesses. FCM expanded its operations to measuring and managing risks of fixed income, foreign exchange, equity and commodity investors ranging from public and private pension funds, endowments, supra-nationals, such as the European Bank for Reconstruction and Development (EBRD) and hedge funds. Later, six of the largest public utilities in the U.S. hired FCM to assist in dealing with the risks of trading and writing options on electricity. In 1994, FCM launched the Ferrell Trust, a series of separate accounts managed by top tier fixed income and foreign exchange traders. With prop money from both North American and European banks, FCM used daily risk oversight and was a pioneer in managing to a target volatility level. The validity of the approach was manifested in 1998, when Ferrell Trust realized a +9.5% gain with volatility of 5.1% (against a 5% standard deviation target) during one of the most volatile fixed income and currency market years in memory. In 2000, a money center bank client engaged FCM to create a low volatility fund of hedge funds. By investing in hedge funds rather than separate accounts, FCM strove to better diversify a portfolio to include top managers who were unwilling to divulge their real time short positions. FCM's Concert Fund was launched on January 1, 2001. Subsequently, FCM launched a feeder fund, Ferrell Concert, Ltd. Investment performance has significantly outpaced expectations. Even in the least profitable year, Concert returns exceeded LIBOR. The fund is currently listed on Bloomberg as FERRCON BH.