A hedge fund founded by a nephew of Walt Disney is among the hedge funds fired by a quartet of New York City pension funds.
Not only was Roy Disney’s Shamrock Capital Advisors fired, it was chastised by three of the funds on their way out, Bloomberg News reports. The three blasted former Shamrock Activist Value Fund manager Dennis Johnson for “failure to devote substantially all of his business time and attention” to the fund, which posted double-digit losses for the Big Apple pensions.
Johnson is now chief market strategist for Comerica’s asset management business.
All told, the four city pension funds invested $275 million with Shamrock. They paid the firm a total of $7.6 in fees to the firm during the three years they invested with it.