Tuesday, 28 April 2015
Last updated 19 min ago
Nov 3 2011 | 5:46pm ET
Yet another veteran, high-profile hedge fund manager is calling it quits with Oscar Schafer's decision to pull the plug on his O.S.S. Capital Management.
Schafer told investors that he would wind down the decade-old hedge fund and end his 40 year Wall Street career in favor of two junior partners, Barry Lebovits and Joshua Kuntz. Lebovits and Kuntz plan to launch a new hedge fund—which Schafer will serve as chairman—in the second quarter of next year, with as much as $50 million in seed funding from Schafer himself.
O.S.S. investors will be given the opportunity to invest in the successor fund, receiving fee reductions if they choose to transfer their O.S.S. investments to the new firm.
Schafer's exit from the hedge fund scene follows those of Duquense Capital Management's Stanley Druckenmiller, Shumway Capital's Christopher Shumway and Caxton Associates' Bruce Kovner and Peter D'Angelo. While Caxton remains an ongoing concern, both Duquense and Shumway returned outside capital, with many of their fund managers launching hedge funds of their own.
The past four years have been difficult for O.S.S.: The fund, which once managed $2.5 billion, was down to just $500 million in assets. It's also failed to fully recover from its 34% loss in 2008, and is down 5% this year.
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…