Thursday, 18 September 2014
Last updated 6 min ago
Feb 17 2011 | 1:38pm ET
Shumway Capital Partners founder Chris Shumway said he expected new businesses to rise from the ashes of his shuttered $8 billion fund, and he was right.
Hedge Fund Alert reports today that five portfolio managers will leave Shumway Capital to start their own funds. They are: Neil Shah, who specializes in healthcare stocks; Ashwin Vasan, a macro manager; Chris Lange, a consumer-stock specialist; Jeff Nykun, who specializes business services companies; and Shumway Capital CIO Tom Wilcox.
Wilcox, who is credited with the call to short financial stocks that made a killing for the fund in 2008, had been Shumway’s heir apparent. But after the announcement that he would be taking over the reins from the founder triggered billions in redemptions, Shumway was forced into damage control mode, promising major investors he’d postpone the handover for three months. Then, abruptly, on February 4th, he announced he would return all investor capital.
Shumway launched Shumway Capital in 2002, after a successful career at Julian Robertson’s Tiger Management. Starting with five employees and $70 million in capital, Shumway grew the firm to $8 billion and 95 employees. Over its eight-year run, the fund provided average annual returns of 17%.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.