N.Y. Hedge Fund To Close Up Shop

Jun 20 2008 | 2:00am ET

New York-based Manhasset Capital is reportedly liquidating its hedge funds and shutting down at the end of the month after its seed investor pulled out its $100 million investment in the funds.

Manhasset’s Fairfield Manhasset Offshore fund and its onshore version managed $165 million in total assets, all from Fairfield Greenwich Group, a $16.4 billion hedge fund shop, and two other investors, according to HFAlert. Fairfield seeded the offshore vehicle and had a three-year profit-sharing agreement with the firm. The agreement expired on May 1.

Fairfield confirmed its redemption stating, “As part of a normal rebalancing of capital, FGG has indeed decided to close its co-branded single manager fund, Fairfield Manhasset Offshore Fund Ltd., which we created as part of an agreement with Manhasset Capital Management. However, we cannot comment on any of Manhasset Capital's choices; they run their own business and have their own investors, and it would be incorrect to state that FGG had caused Manhasset's current or future decisions.”

In Depth

The Importance of Stability in the Evolving Hedge Fund Administration Market

Oct 5 2015 | 8:17pm ET

Hedge fund administration has evolved from simple record keeping to an integral,...


Citadel's Griffin Reaches Settlement in Contentious Divorce

Oct 8 2015 | 10:14pm ET

Billionaire hedge fund manager Ken Griffin and his wife have settled a long-running...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note