Traders At Hedge Fund Sailfish Ordered To Liquidate Positions

Jan 30 2008 | 12:21pm ET

Sailfish Capital Partners is reportedly in the midst of “blowing up” and is liquidating its entire portfolio as quickly as it can, according to sources with knowledge of the situation.

According to the sources, the two partners of the Stamford, Conn.-based hedge fund—Mark Fishman and Sal Naro—got into a shouting match yesterday and ordered their traders to liquidate all of the fund’s positions.

“They told everyone to start selling their positions, to liquidate,” said one source. “It’s basically blowing up. Everyone is sending out their resumes. They want out. It’s basically mayhem.”

A spokesman for Sailfish dismissed the notion that there was a fight, describing the event as a “discussion.” He added that traders are always loud, and that “it was not heated. It wasn’t anymore colorful than they usually have.”

Redemptions are due tomorrow, and many investors are reportedly taking advantage of this date to pull their money.

“Redemptions that are required are based on requests that were put in on Oct. 31,” said the spokesman, explaining that the fund has quarterly withdrawals with 60 days noticed, so the redemptions were not sudden or unexpected.

As for the reported liquidations, the spokesman said, “They continue to right size the fund based on market conditions and assets under management.”

Last year, Sailfish’s Multi-Strat Fixed Income Fund declined, losing more than 12% in August alone. In December, the fund’s performance tumbled another 4.8%.

The fund had about $1.9 billion in assets as recently as July, but two weeks ago it managed just $980 million. It is not known how much the firm has left.

Sailfish was founded by Fishman and Naro, the former an SAC Capital Advisors veteran and the latter a former UBS Securities global fixed-income chief.

RELATED STORY:

Hedge Fund Sailfish Refutes Claims It is Blowing Up


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.