T2 Partners Split
Tilson and Tongue of T2 Partners Separate
T2 Partners's founders have decided to go their separate ways, according to a letter to investors last month. The two hedge fund managers that co-founded the firm in 2004, Whitney Tilson and Glenn Tongue, had a tough year in 2011, losing 25% in their fund, and have decided that they will invest independently in the hopes that "our investors will benefit over time."
The two money managers, who co-founded the fund in 2004, said in a letter to investors on June 22 that they are ending their partnership.
Some say breaking up is hard to do but the split comes after the fund they managed had a rough year in 2011, losing 25 percent of its value.
In June, T2 Partners rose 0.5 percent, trailing the broader stock market, which rose 4.1 percent. The fund was up 9 percent year-to-date, Tilson wrote in an investor note dated July 13.
The letter to investors was made public on Thursday by Tilson. He had no further comment on the letter when reached by phone and Tongue was not immediately available for comment.
"We are writing to let you know that, after careful consideration, we have decided to cease managing money together and will instead do so independently, in the firm belief that in doing so our investors will benefit over time," the letter read.
The letter also detailed plans for a new structure at T2 in the wake of the breakup. Tilson, who began investing in 1999 with his T2 Accredited Fund, will run T2 Partners and its three main hedge funds. Source
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