Pursuits
Ackman, Einhorn Lead Hedge Funds on Track to Rival '08 Slump
- Einhorn's fund at Greenlight tumbled 17% through September
- Claren Road assets slumped three-quarters in past 12 months
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There’s no big bank failure on the horizon. The housing market is booming, not melting. Yet for a handful of well-known hedge fund managers, 2015 is looking a lot like 2008, when their industry suffered record losses and investor withdrawals.
David Einhorn and Michael Novogratz have slumped about 17 percent so far this year, and Bill Ackman declined almost 13 percent in a publicly traded fund. Sean Fahey and Michael Platt have seen billions of dollars flee their firms and are now managing less than a third of what they oversaw at their peaks.