Woodbine Assets Down To $500M As Co-Founders Leave

Jun 8 2012 | 1:03pm ET

New York hedge fund Woodbine Capital Advisors is on a very unpleasant diet.

The global macro shop, set up three-and-a-half years ago but former Soros Fund Management portfolio manager Joshua Berkowitz and Permal Group veteran Richard Corsden, has seen its assets dwindle from $3.2 billion two years ago to just about $500 million now, the New York Post reports. Some $700 million of the outflow has come since January, when Woodbine had $1.2 billion left.

This year's waning of assets has coincided with the departure of two co-founders, Corsden, who returned to Permal, and Marcel Kasumovich, like Berkowitz a Soros vet. Those exits prompted some of the redemptions, according to the Post.

A Woodbine spokesman told the tabloid that the firm expects to raise new money by the beginning of next month. Permal remained a major investor as of the end of March.

Woodbine lost 12% last year and shook up its staff. But it returned to the positive in May.

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