Andor To Close Its Doors

Aug 21 2008 | 9:13am ET

Pequot Capital Management spin-off Andor Capital Management is closing its doors after losing money this year.

Firm co-founder Daniel Benton is retiring from money management “after 24 years,” he told investors in a letter. “My desire to devote more time to my family and other interests runs counter to the obligations of a hedge fund manager who must be immersed in the markets in order to meet client expectations,” he explained.

Benton and Christopher James set up Andor in 2001. The two split four years ago.

Greenwich, Conn.-based Andor, which manages $2 billion, is down this year, but is not among the worst-performing hedge funds affected by the market turbulence, according to media reports.

Benton said Andor will continue to run its portfolio until the end of September before liquidating. Investors will begin to receive their money back in October, following an outside audit.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of