New York Hedge Fund Down And Out

Dec 12 2008 | 12:21pm ET

Okumus Capital, a $989 million hedge fund shop, is shuttering its hedge fund and long-only offerings, FINalternatives has learned.  

The New York-based firm’s trio of hedge funds and its long-only fund have been burned by the financial crisis this year.

According to public data on its offerings, the $30.8 million Okumus Opportunity Partners, $19.2 million Okumus Diversified Value Partners and $2.5 million Okumus Technology Value Partners are down 42.8%, 23.83% and 5.3%, respectively, through October. Its Long-Only Partners Fund is down 15.02%.

The firm confirmed it was closing its funds but declined to comment further.

Ahmet Okumus founded Okumus Capital in 1997 and serves as president and portfolio manager. He is the largest investor in the funds, representing approximately 25% of the firm’s assets. Prior to founding Okumus Capital, he managed money privately. Okumus has been researching and investing in securities since 1989.

Ahmet’s cousin, Ibrahim Okumus, joined the firm in 1999 and was named chief operating officer in 2001 and a partner in 2004.

Okumus Capital also employs eight research analysts and a controller.

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