Rothschild's Atticus to close two of its three hedge funds
Wednesday 12 August 2009
Atticus Capital, the transatlantic hedge fund co-chaired by Nathaniel Rothschild, is handing back $3bn to its investors and shutting down two of its three funds.
The business, known in the UK for its activist investment campaigns to stop Barclays from buying ABN Amro and Deutsche Börse from buying the London Stock Exchange, lost money last year and has underperformed its peers, prompting its founder, Timothy Barakett, to "reassess" his future.
"My decision is solely a personal one," he told investors in a letter yesterday. "After 15 years of being singularly focused on building and managing Atticus, I believe it is time to reassess my future. I intend to spend more time with my family, pursue my philanthropic interests and establish a family office to manage my own capital and charitable foundation."
The $1.2bn European fund, run out of London by David Slager, an Oxford University contemporary of Mr Rothschild, will continue to operate, but the flagship Atticus Global fund, which lost 25 per cent of its value last year and is down again in 2009, will close.
Mr Barakett turned down the chance to play professional ice hockey in order to go to business school and set up Atticus in New York in 1995, aged 26. Mr Rothschild, a scion of the famous British banking dynasty, came on board within a year and has used his extensive contacts to raise money. At its peak in 2007, Atticus had almost $20bn under management.
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
Company reveals $542m investment in start-up building 'a rocket ship for the mind'
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 4 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...