|Nevsky Capital revealed to investors last week that it was going to close down its flagship $3 billion Nevksy fund in 12 months because its lead managers are stepping down. According to the Financial Times, the portfolio managers, Martin Taylor and Nick Barnes, are getting burned out and do not want to commit to the hedge fund’s intensive management obligations beyond March 2011. Taylor and Barnes have, however, committed to continue to manage the firm’s long-only funds. According to the Financial Times article, the fund has returned 750% since inception, but is currently down 3.5% in 2010.|
Taylor and Barnes launched the emerging markets focused Nevsky fund in 2000 when they were with Thames River Capital. In 2007, the two partners spun-off from Thames River to form Nevsky Capital, which maintains an affiliation with Thames River. Thames River is an investment manager that was co-founded in 1998 by Charlie Porter, the firm's current CEO. The firm has a range of funds, but particularly focuses on opportunities in fixed income securities.