Sunday, 3 May 2015
Last updated 2 days ago
Feb 4 2011 | 11:59am ET
There will be no Shumway Capital Partners without Chris Shumway at the helm, at least not for the firm's outside clients.
The $8 billion hedge fund's founder said it would return all client money by the end of next month. The move follows his decision in November to step away from day-to-day money management, which in turn triggered some $3 billion in redemption requests.
"The right decision for all of us is to return investor capital," Shumway wrote.
Shumway, who always planned to remain as CEO of the firm and chairman of its management committee, said his eponymous hedge fund would continue to manage his money and that of its employees.
In November, Shumway said he would hand the title—and duties—of chief investment officer over to Tom Wilcox. Shumway has about 95 employees, about 25 of them investment professionals. It is unclear what sort of job cuts he'll have to impose, but he said he expects some of the investment pros will seek to launch their own hedge funds.
Also unclear is the fate of the 8% stake in the firm held by Goldman Sachs' Petershill private equity fund, which invests in hedge fund managers.
Shumway founded the Greenwich, Conn.-based firm in 2002 after working for Tiger Management. The fund has enjoyed annualized returns of 17% before fees during that time.
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…