(Adds details on Ardmore, new employer)
By Svea Herbst-Bayliss
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 was roughly flat at the
end of November with a loss of 0.3 percent for the year.
Now Connor becomes the latest in a string of portfolio
managers to join Citadel's Aptigon unit, launched earlier this
year as the firm's fourth stock-picking business.
At least some of Connor's four Ardmore analysts will also be
moving to Aptigon, one of the sources said.
In March Ardmore started trading with $120 million which
grew to $180 million, one of the sources said, adding that the
firm is now returning all capital to its investors.
The sources, speaking on the condition of not being named
because the matter is private, did not provide a reason for
A spokeswoman for Ardmore declined to comment on the matter.
Connor established his reputation at John Thaler's now
closed hedge fund JAT Capital and was ranked as that firm's top
performing investment analyst.
Soon after JAT closed its doors in 2015, Connor began laying
the groundwork for his own firm.
It started trading as volatile markets took a bite out of
many established funds' performance. But Connor told clients in
a letter that Ardmore was set up for exactly these kinds of
conditions, promising a balanced portfolio that was positioned
to be "opportunistic in noisy and volatile markets."
The average global hedge fund has returned 2.48 percent this
year, according to data from Hedge Fund Research (HFR), short of
the Standard & Poor 500 index' 10.7 percent gain this year.
Raising fresh cash from institutional clients is becoming
tougher, and some 782 funds closed their doors in the first
three quarters of 2016, marking the fastest pace of hedge fund
closures since the 2007-2009 financial crisis, HFR data show.
At Aptigon, Richard Schimel, senior managing director of
Citadel, has hired dozens of managers and analysts since he
joined the firm after closing down his own small fund, Sterling
(with additional reporting by Lawrence Delevingne; Editing by
Will Dunham and Cynthia Osterman)