CNBC – Remember Superman the movie, where Lex Luther takes away the super hero’s powers with a Kryptonite necklace? Well we’re here again. Only this time it is the financial equivalent of the man of steel – the hedge fund manager that has met their own version of the power-draining substance.
Barely a day passes it seems without one of these masters of the universe crashing to earth with swinging losses in their fund, or non-survivable business issues.
RAB Capital star, Philip Richards, has stepped down from his role as CEO of the business in the wake of a profit warning and a plunging share price. Mr Richards has already taken some flak taking a large position in ailing UK bank Northern Rock before it was nationalized. Now he goes back to focusing on the group’s special situations fund. So at least he keeps the day job, but this is an embarrassing development for the company.
