Wednesday, 1 October 2014
Last updated 11 hours ago
Aug 29 2013 | 12:37pm ET
Michael Karsch is closing his eponymous hedge fund and will return all client capital by the beginning of next year.
Karsch said that he would return 95% of Karsch Capital Management's $1.8 billion in assets by the end of September and the rest by January, pending a final audit.
"I feel as I approach 20 years as an investment manager, it is time for me to take a step back, reflect on my experiences and begin to think about the next chapter of my career," the 45-year-old wrote the clients yesterday.
Karsch founded his firm 13 years ago, after a stint at Soros Fund Management. He also formerly worked at Chieftain Capital Management and Wasserstein Perella & Co.
Karsch Capital's flagship is up 6.1% this year. In the letter, Karsch said that the fund has beaten the Standard & Poor's 500 Index by 100 basis points over its life. A long-only fund that debuted in 2006 is up 16% this year and has returned 94% since inception.
Karsch did not say what he planned to do next, but that he is "very excited about the opportunities that lie ahead."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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