Saturday, 29 August 2015
Last updated 1 day 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…