New York (HedgeCo.Net) – New York hedge fund Manhasset Capital will start the liquidation process later this month after the decision was made by the fund’s seeder to pull out their $100 million initial investment.
A spokesperson for Fairfield stated, ““As part of a normal rebalancing of capital, FGG has indeed decided to close its co-branded single manager fund, Fairfield Manhasset Offshore Fund Ltd., which we created as part of an agreement with Manhasset Capital Management. However, we cannot comment on any of Manhasset Capital’s choices; they run their own business and have their own investors, and it would be incorrect to state that FGG had caused Manhasset’s current or future decisions.”
Fairfield Greenwich Group, who seeded Manhasset’s offshore fund and had a three-year profit sharing agreement with the firm, decided to pull out just a month and a half after the agreement expired on May 1st. Manhasset ran an onshore fund as well, which engaged in a long/short equity strategy and focused on mid-cap U.S stocks. Total assets of both funds were around $165 million.
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