SAC Vet Frank Closes Hedge Fund

Mar 30 2011 | 1:16pm ET

A technology hedge fund founded by a longtime former SAC Capital Advisors manager is no more.

Stefan Frank shuttered his FISAM Capital a few weeks ago after a single large investor moved to redeem. The New York-based firm, founded in November 2009, was managing less than $100 million.

Frank, who spent nearly a decade at SAC managing technology stocks, found it difficult to continue trading without the large investor's capital, Reuters reports.

FISAM is still unwinding its portfolio and returning money to investors.

FISAM has returned about 6% since it launched in December.

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