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Alternative Market Briefing

Michael Karsch to close down $1.8bn hedge fund firm

Thursday, August 29, 2013

Komfie Manalo, Opalesque Asia:

Various media reported that Michael Karsch is shutting down his 13-year-old hedge fund firm Karsch Capital Management and would return most of the firm’s $1.8bn assets to investors by the end of September, and the rest in January after the fund’s audit.

New York-based Karsch Capital is mostly invested in Yahoo Inc. and Expedia. The flagship hedge fund was up 6.1% YTD through mid-August and outperformed the Standard & Poor’s 500 index by at least 100 percentage points over its life span with one-third of the volatility, said Karsche in a letter dated Aug.28, according to 4-traders.com. The firm also manages a $500m long only fund which returned 16%.

The 45-year old manager also said in the letter; "I feel as I approach twenty years as an investment manager, it is time for me to take a step back, reflect on my experiences and begin to think about the next chapter of my career," Bloomberg reported.

Karsch did not mention his next move but he said in his letter that he was "very excited about the opportunities that lie ahead."

Karsch founded the fund management firm in 2000, after working as a managing director at Soros Fund Management LLC and in an inve......................

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