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Reputation beats returns at hedge fund Pequot

Reuters – Hedge fund industry icon Arthur Samberg’s startling decision to shut Pequot Capital shows how a firm’s reputation matters as much as its returns.

For decades Samberg, who founded Pequot more than two decades ago, delivered strong performance no matter how markets behaved, enticing investors to funnel in so much cash that the firm managed $15 billion in its heyday in 2001. When the U.S. government last year reopened a probe into allegations of insider trading in Microsoft Corp, skittish investors left quickly.

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