Another Hedge Fund Cowboy Bites The Dust.....James J. Pallotta, one of Boston's most prominent hedge fund managers, told investors yesterday he is shutting down his funds and returning most of an estimated $800 million to clients, just months after starting his own firm.
Pallotta, an investor in the Boston Celtics, had started Raptor Capital Management in January after 15 years at Tudor Investment Corp., a giant investment firm based in Greenwich, Conn. He lost money in his last two years at Tudor and his performance this year was "roughly flat," he told clients in a letter yesterday. He said he will take a brief break from the business, according to the letter, a copy of which was obtained by the Globe.
In the letter, Pallotta wrote that he will "step back from day-to-day investing for a few months" to develop a strategy to "capitalize fully on the next several years' developing investment opportunity set." He said his company will continue to exist.
He declined to be interviewed.....
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