Millbrook Capital To Close Hedge Fund, Focus On Founder's Fortune

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.


In Depth

Prominent Hedgie Renee Haugerud Embroiled in Ugly Child Custody Battle

Sep 10 2014 | 2:43pm ET

A high-profile hedge fund manager is caught up in a nasty child custody battle in...

Lifestyle

Full House’s Stamos To Play TV Hedge-Fund Manager

Sep 5 2014 | 4:43am ET

The life of a Connecticut hedge-fund billionaire is coming to the small screen.

Guest Contributor

The Cult of Loss Aversion: A Call to Rethink Risk in Global Macro Investing

Sep 4 2014 | 5:45am ET

In the wake of a traumatic loss, whether it is financial or personal, it is just...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.