Old Guard Exits Changing Industry

Chidem Kurdas

Caxton Associates’ founders Bruce Kovner and Peter D’Angel issued the latest in a series of retirement letters by well-known hedge fund managers. Exiting managers give different reasons for their decision, but in the main they’re tired of dealing with at least one of three temperamental forces—-

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Madoff Puzzle: How His Reputation Survived

Chidem Kurdas

Hedge funds lose their clients and tend to shut down when they are investigated by government agencies or face civil lawsuits. Raj Rajaratnam’s Galleon Group and Arthur Samberg’s Pequot Capital, accused of abusing inside information, come to mind. Both long-time managers closed shop.