Investors withdraw $2.5 billion after Horseman Capital’s Star Manager Steps Down
| March 21st, 2010 | ||
| Hedge fund Horseman Capital’s investors withdrew $2.5 billion in early January after John Horseman stepped down from his position as fund manager. Although Mr. Horseman will maintain the title of CEO, withdrawals amounted to over half the firm’s assets, which dropped from $4.6 billion last October from $1.3 billion this February. According to a recent Reuters article, the majority of the assets were pulled from Horseman’s flagship Global fund. The withdrawals demonstrate the hedge fund industry’s key-man risk in which firms rely on one or two star managers to retain clients. Horseman’s spokesman stated that redemptions have now significantly declined and are forecasted to be very small this April. | ||
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Horseman Capital Management |
Related People: Christopher Harrison;
Related Entities: Horseman Emerging Markets Fund*;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News
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