FrontPoint Founder Flounders At New Firm

May 4 2012 | 11:39am ET

FrontPoint Partners founder Philip Duff’s second effort to start a new hedge fund business is going about as badly as did the first.

Duff’s Massif Partners has cut more than half of its staff as it struggles to raise money from institutional investors, Bloomberg News reports. The Greenwich-based firm currently employs just 15 people, down from 35 in March.

Indeed, the struggles have led Duff to abandon the whole idea of a hedge fund business, per se. While he once saw Massif as a one-stop shop for institutional investors, offering advisory, risk management and investment services, Duff has now abandoned plans to launch or even raise money for hedge funds, instead focusing on lower-cost funds.

Duff is currently focused on marketing its money-management services to about 50 institutional investors, including pension funds, insurance companies, endowments and foundations.

Massif’s seed capital ran out in February; Duff has been covering the firm’s payroll since then. Among those no longer on it are Jim Creighton and his team of five. Creigton told Bloomberg that his Creighton Capital Management “is no longer affiliated with Massif.”

In Depth

The Importance of Stability in the Evolving Hedge Fund Administration Market

Oct 5 2015 | 8:17pm ET

Hedge fund administration has evolved from simple record keeping to an integral,...


Citadel Supports Manhattan Real Estate With Record Deal

Sep 16 2015 | 3:04pm ET

Never count hedge funds out of a big property deal. The Manhattan real estate market...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note