A Mighty Hedge Funder Falls Hard

After losing about 80% of its assets over the past year and a half, (former) Citigroup star manager Ross Margolies announced that he would be liquidating his nine funds and returning the remaining $600 million to investors. “We had a bad start to 2005 and the outflows accelerated,” said the 48-year-old Margolies. “We had a strong comeback, but assets kept going out.” After attracting almost $3 billion, including a large chunk from his former employer, to his various arbitrage strategies, rough performance in early 2005 started an avalanche of redemptions that became a self-fulfilling prophecy.
Margolies to Shut Saranac Funds After Withdrawals [Bloomberg]

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