Thursday, 2 April 2015
Last updated 12 min ago
Nov 8 2007 | 11:07am ET
Dallas-based Spinnerhawk Capital Management, an energy-focused hedge fund shop, last month closed its doors after only two years in business. The firm, which managed about $20 million, has returned all assets to investors and its two principals have left to pursue their own interests.
However, unlike many other hedge fund closures, Spinnerhawk’s fate was not the result of redemptions amidst massive drawdowns, according to former Chief Investment Officer Jim Wicklund. Wicklund said the Spinnerhawk Natural Resources Fund was down 8% in January and February before he joined the firm from Bank of America, where he served as a managing director in the equity research department. Since then, its performance has picked up dramatically, returning 11% through Oct. 31.
“Spinnerhawk had been a commodities fund in 2005, 2006 and the first part of this year. I came in March and we changed the strategy to no commodities and stock picking and we had some good performances since then,” he said.
“My partner, Garrett Smith, and I decided that, although we were up for the year and made money for people, fundraising was getting increasingly difficult. I had the opportunity to go to Carlson Capital, which is a $4 billion plus hedge fund, and Garrett decided he wanted to go and do some other things. So we decided since we were up for the year, we’ll give everybody their money back and do some different things.”
Wicklund is currently co-managing Carlson Capital’s $500 million energy portfolio alongside founder Clint Carlson. Smith, who worked for T. Boone Pickens’ BP Capital before founding his own firm in 2005, is transforming Spinnerhawk into a family office.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…