Hedge Fund Shumway
Shumway Capital Partners to Return Money to Investors
Noting that his decision was very difficult, Shumway wrote to clients that "after nine great years, I have decided to return all external capital back to you, our partners, by the end of the first quarter of 2011." A copy of the letter was obtained by Reuters.
The move was first reported by Bloomberg.
Shumway now joins a growing list of middle-aged managers who surprised their investors by suddenly returning capital. Last year Stanley Druckenmiller, best known for engineering Soros Fund Management's famous bet against the British pound, quit. Before him, well-known technology investor Dan Benton shut down his firm.
Only a few months ago Shumway said he was stepping down as chief investment officer from the $8 billion fund firm, appointing Tom Wilcox to run the day-to-day operations. Source