Wednesday, 28 January 2015
Last updated 1 hour ago
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.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…