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Alternative Market Briefing

Mark Yusko steps down as investment chief at Endowment Fund

Wednesday, January 23, 2013

Bailey McCann, Opalesque New York: Mark Yusko, the investment chief at the Endowment Fund, has been removed from his post, according to a report in the Wall Street Journal. As Opalesque reported a few months ago, the reintroduced a gate for investors after redemptions outpaced the amount of money the firm was making. Yusko started the Endowment Fund with Salient Partners and has a difficult time posting solid returns.

According to Bloomberg News which broke the story, Yusko wrote in a letter that he and his partners at Salient differ fundamentally on how best to run the fund. Salient said in October that it would limit withdrawals to 5 percent of assets as of Dec. 31. The Wall Street Journal notes that Endowment Advisers, the fund's investment adviser, made the decision to remove Mr. Yusko from his job as chief investment officer.

According to sources familiar with the fund, Lee Partridge, chief investment officer of Salient, will replace Mr. Yusko as head of investments for the Endowment Fund. Yusko was previously the head of the endowment for the University of North Carolina at Chapel Hill. He was also featured on ......................

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