July 16 (Bloomberg) -- Traxis Partners LP, the $1.2 billion hedge fund started by Barton Biggs, said it continues to operate after the death of its founder over the weekend.
“Traxis remains fully functional, looking after the portfolios of its investors,” Amer Bisat, managing partner at Greenwich, Connecticut-based Traxis, said today in a telephone interview. “The leadership has been taken over by the three remaining partners,” he said, referring to Andy Skov, Krishen Sud and himself.
Biggs, who was 79 and a former global investment strategist at Morgan Stanley, died on July 14. The cause of death was complications from a bacterial infection, according to a person with direct knowledge of the situation who asked not to be named because the matter is private.
Traxis had told investors in a July 9 letter obtained by Bloomberg News that Biggs had been hospitalized after developing a “strong but treatable bacterial infection” and that doctors were optimistic he would make a full recovery.
Traxis manages five funds and clients are able to withdraw their money on a monthly or quarterly basis after giving 30 days’ notice, according to fund documents. The Traxis Global Equity Macro Fund, which Biggs oversaw, lost about 1.5 percent this year through June, according to the person with knowledge of the matter. Hedge funds returned 0.9 percent in the same period, according to data compiled by Bloomberg.
The firm, which employs 12 people, has yet to make a decision on the future of Biggs’s fund, the person said. The hedge fund told clients in a letter today obtained by Bloomberg News that their investments are being “diligently monitored and managed.”
Bisat, 48, joined Traxis in 2007 after working at Rubicon Fund Management LLP, a London-based hedge fund, where he oversaw emerging-markets investments. He had previously worked at Morgan Stanley and UBS AG.
Skov, 46, another Morgan Stanley alumnus, joined Traxis four years ago and earlier founded Point Reyes Capital LLC, which invested in startup companies.
Sud, 51, a co-founder of the defunct hedge fund Galleon Group LLC, joined Traxis last year when it merged his hedge fund, Sivik Global Healthcare Partners.
Biggs started Traxis after retiring from Morgan Stanley in 2003 at age 70 after three decades at the bank, which owns a minority stake in his fund. He began the hedge fund with two other Morgan Stanley alumni, Cyril Moulle-Berteaux and Madhav Dhar, who have since left.
“The legacy of Barton is that he built a very deep and successful platform that comprises many individuals with decades of experience in the industry and a distinguished record,” Bisat said in today’s interview.