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Komfie Manalo, Opalesque Asia: Greenwich, Connecticut-based stock-focused hedge fund Sureview Capital LLC that is seeded by Blackstone Group has shut down early this year and has been liquidating its assets in the past weeks, people familiar on the matter said.
According to The Journal, former Tiger Management trader John Wu decided to close down the fund because most of his time are being spent raising more money for Sureview instead of trading to earn profits.
As at end 2013, Sureview had an estimated $400m in assets under management. Blackstone provided the $150m seed capital for the fund when it was launched in 2011 on the condition it will receive a portion of the fees earned. It was expected to generate huge capital when it was launched because of Wu’s name and his credentials including stint at Kingdon Capital and of course, the backing of Blackstone.
Wu invested most of his money into the fund, said The Journal.
In a separate report, Reuters said Sureview listed CBS Corp as its biggest position as at end Q1. The hedge fund also has exposures in Yahoo Inc and Facebook Inc. All of its portfolios suffered losses in March and early April.
Wu’s hedge fund posted strong returns last year but struggled in its early year....................... To view our full article Click here
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