Friday, 26 August 2016
Last updated 17 hours ago
Jan 19 2007 | 12:32pm ET
John W. Henry & Co. ended 2006 the way it started the New Year–on a down note.
John Henry—who also owns baseball’s Boston Red Sox—must be looking forward to Spring Training, as all nine of the firm’s programs sustained double-digit losses in a year his Sox failed to make the playoffs. JWH’s Dollar program “led” the pack, down 33.32%, followed by the Currency Strategic Allocation program, which was down 21.77%, according to the firm’s estimates. JWH’s best performer was its International Foreign exchange program, which only lost 4.90%.
The firm was hit with more bad news this month as Mark Rzepczynski, former president and CIO, stepped down from his post on Jan. 12.
“It was an amicable separation in terms of the decision by the company to pursue the development of lower leveraged programs and strategies going forward,” according to firm spokesman David Kozak.
Kozak, who declined to comment on Rzepczynski’s vision for the firm’s product lines going forward, said he is not aware of Rzepczynski’s future plans. Kenneth Webster, former JWH chief operating officer, will assume Rzepczynski’s responsibilities and his former position will be filled internally, said Kozak.
And the musical chairs continue as former head trader Matt Driscoll has been promoted to CIO and director of research. Former trading desk manager Michael Flannery will assume Driscoll’s former position.
The firm managed some $1.7 billion as of the end of December.