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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...