Wednesday, 1 October 2014
Last updated 10 hours ago
Jun 18 2010 | 12:13pm ET
Ever since PayPal founder Peter Thiel moved his Clarium Capital Management to New York two years ago, just about everything has gone wrong for the hedge fund. So with his tail between his legs and a hedge fund $6 billion smaller, Thiel is picking up his firm and heading back to the West Coast.
Clarium is closing its New York office and moving all 55 of its staff back to San Francisco, where it was based prior to the September 2008 move, the New York Post reports. The hedge fund has done almost nothing but lose money since setting up shop on Bryant Park, with a 4.5% loss in 2008—all of it coming in the second half—and a 25% decline last year. And despite bucking most hedge funds last month with a 4% jump in May, Clarium remains down 6% in 2010.
The firm has also hemorrhaged assets since the Big Apple move, dropping from $7 billion to about $1 billion.
While the move will affect the staffers who have moved to New York over the past two years, Clarium spokesman James O’Neill said it wouldn’t affect the firm’s top investment team, including Thiel. O’Neill also sought to put a brave face on the retreat.
“Access to Silicon Valley thinkers has been important to Clarium’s thinking since inception, and we expect it to be even more important in the year ahead,” he told the tabloid.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...