Former Fortress Drawbridge Manager To Close Hedge Fund

Jan 14 2011 | 1:24pm ET

Despite raising almost a half-billion dollars to launch his hedge fund, Fortress Investment Group veteran Sri Wijegoonaratna couldn't make it stick.

Wijegoonaratna told investors yesterday that he was pulling the plug on his Galle Global Macro Partners, less than a year after its debut. He blamed investor redemptions and sub-par performance for the firm's failure, Bloomberg News reports.

"With the past few months' redemptions, our asset base has unfortunately become too unstable to support our original vision of a full-scale institutional macro business," Wijegoonaratna wrote. He added that he was "disappointed" with his performance.

"No one would have lived to have made money for each of those who believed in us more than me," Wijegoonaratna wrote.

Galle Global will shutter all of its funds on Jan. 31. It plans to return cash to investors next month.

Wijegoonaratna launched Galle Global last February, garnering $450 million initially. Before starting the New York-based firm, he was co-manager of Fortress' flagship Drawbridge Global Macro Fund.


In Depth

Delayed Flash Crash Arrest Highlights Difficulties Detecting Fraud

Apr 23 2015 | 7:19am ET

The five years it took regulators to bring high-profile charges against a UK trader...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note