Saturday, 23 July 2016
Last updated 13 hours ago
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.