BOSTON Dec 20 Prominent technology investor
Chris Connor is shutting down his hedge fund less than one year
after launching it and will be joining Citadel, one of the
industry's biggest players, two sources familiar with the move
said on Tuesday.
Connor launched Ardmore Global Investors, which concentrated
on picking global technology, media and telecommunications
stocks, in March.
The fund started trading with $120 million in capital and
will be returning all of the money it oversaw to its investors,
one of the sources said.
The sources, speaking on condition of anonymity, did not
provide a reason for Connor's decision.
A spokeswoman for Ardmore did not immediately return a call
Connor, who established his reputation at tech, media and
telecom stock specialist John Thaler's now closed hedge fund JAT
Capital, is the latest in a string of portfolio managers to join
Citadel's stock-focused unit, Aptigon.
At least some of Connor's four Ardmore analysts will also be
moving to Aptigon, one of the sources said.
The average global hedge fund has returned 2.48 percent this
year, according to data from Hedge Fund Research (HFR), falling
far short of the Standard & Poor 500 index' 10.7 percent gain
Raising fresh cash from institutional clients who have been
disappointed by the lackluster returns and high fees of hedge
funds has become ever more difficult, and hundreds of managers
have opted to shut down this year.
In the first three quarters of 2016 alone, some 782 funds
closed their doors, marking the fastest pace of hedge fund
closures since the 2007-2009 financial crisis, HFR data show.
(Reporting by Svea Herbst-Bayliss and Lawrence Delevingne;
Editing by Will Dunham)