Charter School Hedge Hog Backer of PAVE, Julian Robertson: Hedge Funds Close Doors, Facing Low Returns and Investor Scrutiny

There is joy in Mudville. I love the smell of bad news for hedge funds in the morning. Robertson's son Spencer Robertson heads PAVE Academy, which is the school that invaded the space of Julie Cavanagh's PS 15 in Red Hook. The good thing that came out of it was how it mobilized the community to fight back.

Julian Robertson, founder of Tiger Management. This year, three funds it spun out have closed. Credit Vaughan Leighton Brookfield for The New York Times

For decades, nearly everything that the billionaire Julian Robertson touched turned to gold. Mr. Robertson, founder of the hedge fund Tiger Management, seeded a network of hugely successful “Tiger Cubs” — companies that in turn seeded more talent. It became the closest thing the hedge fund industry had to a dynasty.

Since the start of this year, however, the managers of three firms spun out of that gilded empire have called it quits after volatile performances and sometimes steep losses. They will return money to investors and focus on managing their own wealth.

TigerShark, Tiger Consumer and JAT Capital Management are just three examples among a recent wave of hedge funds that have closed their doors to investors in the face of choppy markets. They are a reminder that the hedge fund industry is not all spectacular returns... NY Times, May 16, 2015

Hedge Funds Close Doors, Facing Low Returns and Investor Scrutiny

New York Times‎ - 1 day ago