Thursday, 26 November 2015
Last updated 19 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…