Tim Barakett

Tim Barakett

Tim Barakett Closes Two Funds | Bids Farewell

Atticus Capital is reducing its operations by closing two of its funds. After receiving less than 5% of redemptions from investors, Timothy Barakett, the founder of Atticus Global, decided to shut down Atticus Global, Ltd. and Atticus Global, LP. Barakett founded Atticus with $6 million and expanding to roughly $20 billion in assets under management in 2007. He is returning $3 billion back to his investors, in a letter to his investors he explained his decision:

I have used the market’s recent strength to begin liquidating a significant amount of our holdings. We currently expect that the portfolio will be fully liquidated by September 30th and that we will be in a position to return approximately 95% of your capital in early October. The balance of investor capital will be returned after the final audit is completed, which should be later this year.

My decision is solely a personal one. After fifteen 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.

While the Atticus management company will continue and its European fund will not be closed, Barakett will leave the management role to partner David Slager. Mr. Barakett plans to spend more time focused on family, philanthropic interests and managing his capital through a family office. Atticus Global's net returns to 2009 are shown here:

Atticus Global S&P 500
1 year -13.3% -20.0%
3 year 0.8% -6.2%
5 year 9.3% -0.1%
10 year 13.6% -1.2%
Inception 19.3% 3.9%
Cumulative 835.3% 62.3%

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Tags: Tim Barakett, Tim Barakett Farewell, Tim Barakett Hedge Fund, Tim Barakett Atticus Global, Tim Barakett Atticus Investors, Tim Barakett Letter to Investors, Tim Barakett Manager

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