Thursday, 2 April 2015
Last updated 11 hours ago
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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…