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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...