Pequot To Shutter Three Hedge Funds

Nov 29 2007 | 8:16am ET

Patience is not among Art Samberg’s well-known virtues, and the Pequot Capital Management founder has dropped the axe on a trio of underperforming hedge funds.

The $7.5 billion Westport, Conn.-based hedge fund has decided to shutter three funds—launched just last year—and part ways with two of their managers, high-profile hires from Citadel Investment Group in 2006.

The Strategic Equity Fund, Event Driven Fund and Dynamic Strategies Fund manage only a few hundred million, and performance has been “poor,” Bloomberg News reports. Investors in the three funds, all run from Pequot’s San Francisco office, will be given the option of moving their investments into Pequot’s larger, more successful offerings.

The funds are expected to be shut down by the end of the year.

Steve Pigott, the manager of the Event Driven fund, and Carson Levit, who runs the Strategic Equity fund, are leaving Pequot. Peter Labon, who co-manages the Dynamic Strategies fund with Pigott and Levit, will stay with the firm.

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