Hedge funds tip-toe toward an uncertain future
Thursday, December 10, 2009 : PermalinkReuters – It wasn’t too long ago big-time hedge fund managers like James Pallotta were erecting monuments to themselves. In Pallotta’s case, it was a $21 million Georgian-style mansion he built in 2007 in Weston, a leafy Boston suburb uncomfortable with such displays of wealth.
Yet Pallotta soon would become a symbol not of conspicuous consumption but of the dramatic comedown of a once seemingly indomitable industry. In July, Pallotta, a protege of hedge fund legend Paul Tudor Jones, said he was liquidating Raptor Global Funds, a firm that once managed $9 billion but was hit hard by losses and redemptions last year.
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