Mr. Market Sacks Joe Montana
Say it isn’t so?
Joe Montana’s life as a money manager is ending much like Tony Montana’s...it is bloody.
His fund of fund, HRJ Capital, co-owned by Harris Burton and Ronnie Lott has been sacked for big losses...in the latest example of a fund-of-funds blowing up:
The roughly $2.5 billion California investment venture is shuttering its HRJ Legends Multi-Strategy Plus Fund and an affiliated investment vehicle due to punishing performance.
The pain began for the hedge fund vehicle last July when it reported a loss of 12.3 percent - but matters have only gotten worse for the NFL star-laden fund.
HRJ operates as a fund of funds, which places money in a roster of other hedge funds in order to offer investors a diversified basket of investments. Unfortunately, HRJ has been invested in funds that are suffering or are also shutting down.
According to industry newsletter Hedge Fund Alert, investors may have to wait to get their money back in HRJ because of so-called gates and lockups that the hedge funds it invested in have put in place.
Montana joined HRJ as a managing partner, but later gave up the job. NY Post
Joe’s daughter Elizabeth was unavailable for comment, too bad because she is reasonably hot, and takes after her mother. Hopefully she enrolled at Notre Dame after postponing school to model. But if she is studying business I would have to warn her about seeking a career on Wall Street. Go work at dad’s vineyard in Napa, it probably pays better than an entry level analyst job, assuming she could find one.
portfolio photo by segall
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MONTANA FAILS TO COMPLETE
NY Post
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