Wednesday, 22 October 2014
Last updated 1 hour ago
May 23 2012 | 3:23pm ET
Another hedge fund manager is getting out of the hedge fund business.
Millbrook Capital Management is closing its only hedge fund and returning to its roots, as a family office for John Dyson, the former New York State commerce commissioner and private equity veteran. MMI Investments will return all outside capital by the end of next month.
In addition, the 15-year-old small-cap activist hedge fund's portfolio manager, Clay Lifflander, is expected to leave the firm, Hedge Fund Alert reports. Research vice president Craig Rosenblum and assistant portfolio manager Jerome Lande have already left the New York-based firm to start their own activist hedge fund, Coppersmith Capital. But CFO Alan Rivera and analyst John Powers plan to remain with Millbrook.
MMI returned an average of 20% to 25% annually since its debut in 1996. But the fund, which had $700 million in assets at its peak, suffered withdrawals during the financial crisis, in spite of its 80% return in 2009, and Dyson has decided to refocus his efforts on his own fortune.
Dyson and Lifflander started MMI in 1996 and opened it to outside investment in 2002.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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