Ex-Citi Prop. Chief Cuts Staff, Fundraising Target For Hedge Fund

Mar 7 2013 | 12:26am ET

Fundraising difficulties have taken a bite out of one prominent new hedge fund's ambitions.

Portman Square Capital Management, founded by former Citigroup proprietary trading chief Sutesh Sharma, has parted ways with its CEO and a portfolio manager, reducing its scale to fit its reduced size. Andrew Mack, a former colleague of Sharma's at Morgan Stanley, left his post as CEO and chief risk officer this week, Reuters reports, after just five months on the job. Sharma determined he could not afford to keep Mack given Portman Square's smaller size.

In addition, portfolio manager Paul Godfrey left the London-based hedge fund last month, after Portman Square decided to narrow its trading strategy.

Sharma will now serve as Portman Square's CEO and Sylvain Imbert chief risk officer. Mack will remain an adviser to the firm.

Sharma set up Portman Square in 2011 and expected to raise US$500 million for the staff- and infrastructure-heavy firm. But the hedge fund has only raised US$200 million, and is now preparing to launch with the smaller amount.

Portman Square was to have launched its maiden fund in November. It is now unclear when the fund will debut.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note