Thursday, 21 August 2014
Last updated 8 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."
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note