Friday, 29 July 2016
Last updated 13 min ago
May 22 2013 | 11:34am ET
One noted money manager, Bulldog Investors' Phillip Goldstein, is trying to get another fired.
The activist hedge fund manager's latest campaign seeks to have Kevin Landis, the manager of the Firsthand Technology Value Fund, fired. Goldstein, whose firm owns a 9.67% stake in the closed-end fund, notes that its shares currently trade for $4 less than their net-asset value.
"To put it bluntly, there are some people who should not be managing other people's money," Goldstein wrote to the Firsthand fund yesterday. "Kevin Landis has demonstrated he is one of those people."
Landis made a name for himself during the dot-com boom, and more recently for buying up private shares of Facebook Inc. But Firsthand Technology's performance has fallen lately, dropping 27% since it became a closed-end fund in 2011.
Goldstein is pushing for a shareholder vote on Landis' future, although it could take a year for the vote to occur.