Saturday, 30 July 2016
Last updated 8 hours ago
Aug 19 2010 | 3:12pm ET
The death of Duquesne Capital Management could lead to the birth of several new hedge funds.
While it is unclear which of the New York-based hedge fund’s managers will either spin-off their funds or found new ones, at least some of the managers plan to go into business together. And, according to Bloomberg News, investors might be better off investing with them than with Duquesne founder Stanley Druckenmiller, who cited unhappiness with recent returns as one reason he’s closing his 30-year-old hedge fund, which has never suffered an annual loss.
Ten of the firm’s portfolio managers have enjoyed stronger returns than Druckenmiller over the past three years, the first time that the students have topped the master at the $12 billion firm.
Druckenmiller said he will wind down Duquesne next year. He plans to seed the firm to be founded by his protégés, but he will not play a management role at the fund.