Ardmore Global To Close As Manager Moves to Citadel's Aptigon

Dec 20 2016 | 11:13pm ET

Ardmore Global Investors, founded in July 2015 but formally launched in early March by former JAT Capital Management partner Chris Connor, is reportedly shutting down.

The fund, which focused on tech, media and telecom stocks, started trading with approximately $120 million in assets and grew its AUM to $180 million, according to a Reuters article citing unidentified sources. Performance has been disappointing; the fund was down -0.3% through the end of last month. 

Ardmore will return all capital to investors and Connor, as well as least some of his analyst staff, will join Citadel’s Aptigon equity group, the nucleus of which was formed last summer when the firm lifted a 17-manager global long/short equity team out of beleaguered asset manager Visium. 

Aptigon, led by former Diamondback Capital executive Richard Schimel, utilizes a similar market-neutral approach as Citadel’s other equity teams in support of the company’s flagship Wellington and Kensington funds. Former BlackRock Alternative Investors COO David Bonfili joined the unit in late August as chief operating officer. 

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