Hedge Fund Weintraub Winds Down, To Become Family Office

Nov 13 2012 | 1:06pm ET

Another veteran hedge fund manager is calling it quits.

Weintraub Capital Management plans to return outside capital after two decades in business. The $1 billion San Francisco-based hedge fund will become a family office to manage founder Jerry Weintraub's millions.

Weintraub would not say why he was joining the likes of George Soros and Carl Icahn in returning capital to investors in favor of investing exclusively for himself. "Like lots of big decisions, it's not any one particular thing, it's a process," he told Bloomberg News. "It's been a great run for myself and for my co-workers, and for a variety of reasons we decided it was best to wind down."

Weintraub said his firm will return 90% of investors' cash by the end of the year. The rest will come following a final audit in March or April.

He also said that most of the firm's 14 employees will be let go, with only some of its four administrators continuing to work for the family office.

Weintraub Capital, a long/short equity shop,, is up 3% this year and has posted losing years in only two of its 20 years; it has annualized returns "in the low teens," Weintraub said.

In addition to Soros and Icahn, the 53-year-old Weintraub joins such recent hedge-fund retirees as Caxton Associates' Bruce Kovner, Centaurus Capital's John Arnold, Duquense Capital Management's Stanley Druckenmiller, Farallon Capital Management's Thomas Steyer, and commodities trader John Henry.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

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

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

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.