When one Brazilian hedge fund lost its manager, it also lost just about all of its investors.

Ciano Investimentos Gestao de Recurso’s flagship fund saw 95% of its assets when firm found Ilan Goldfajn left earlier this month. The fund, Ciano 60 Hedge Fundo de Investimento Multimercado, was left with just 10.3 million Brazilian reais in assets; before Goldfajn’s Nov. 10 departure, the fund managed more than 200 million reais.

The fund has returned 7.68% through Nov. 21. Ciano waived a 10% redemption fee to allow investors to follow Goldfajn out the door.

“Some investors withdrew funds because of my decision to leave Ciano,” Goldfajn told Bloomberg News in one of the great understatements of all time.

Ciano said its US$52 million offshore hedge fund was not hit by a wave of withdrawals.

Goldfajn was chief economist at Brazil’s central bank before founding Ciano. He said he plans to focus on research.