BOSTON Feb 15 Hedge fund Night Square Capital
Partners, which traces its roots to legendary stock picker
Julian Robertson, is shutting down and its founding partners are
joining Citadel, one of the industry's biggest investors.
Neel Parekh and Michael Berkley co-founded the New
York-based hedge fund in 2015 and invested roughly $200 million.
Night Square specialized in picking consumer stocks and at
the end of last year, its biggest holdings included Dick's
Sporting Goods, Inc, Jack in the Box, Inc and
Lowe's Companies Inc, according to a recent regulatory
A spokesman for Citadel confirmed the move. Parekh and
Berkley were not available for comment.
The pair started notifying clients several days ago of their
decision to liquidate their own business and join Citadel's
Aptigon Capital unit, a source familiar with the move said. The
managers said they were attracted by Citadel's resources and
competitive advantage. Citadel invests $26 billion in assets.
Parekh, a trained lawyer, and Berkley previously worked
together at Tiger Consumer Management, a consumer oriented hedge
fund that was shut down in 2015. Tiger Consumer had received
seed money from Robertson, whose Tiger Management was once among
the most successful hedge funds.
Night Square returned roughly 4 percent last year compared
to the HFRI Asset Weighted Composite Index' 2.86 percent gain.
Parekh and Berkley's move to Citadel follows on the heels of
a similar move by tech investor Chris Connor, who shut down
Ardmore Global Investors in December to move to Aptigon.
Roughly 782 funds shut their doors in the first three
quarters of 2016, as the pace of closures accelerated at a time
of increased market turbulence and a tougher environment to
(Reporting by Svea Herbst-Bayliss; Editing by David Gregorio)