Vinik To Close, Return Cash

May 6 2013 | 3:14pm ET

Vinik Asset Management will close its doors after 17 years following a period of underperformance and massive redemptions.

Firm founder Jeffrey Vinik told clients Wednesday that the $6 billion firm will return all assets by the end of June. The move comes just a month after reports that Boston-based Vinik AM had suffered $1.5 billion in redemptions—but also that it planned to raise additional money.


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