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Bommer Is Returning Money From Hedge Fund SAB After 17 Years

  • SAB Capital investors to get most money before mid-January
  • New York-based fund had $1.1 billion in assets at end of 2014
Bloomberg business news

SAB Returns Money From Hedge Fund

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Scott Bommer, founder of SAB Capital Management LP, is returning all client money from his hedge fund after 17 years so that he can focus on managing his own wealth.

SAB Capital will return most money before mid January, Bommer said in an investor letter Tuesday, a copy of which was obtained by Bloomberg. The firm posted a 10.6 percent loss in the first eight months of the year in its SAB Overseas Fund, according to an investor document. Bommer started New York-based SAB Capital in 1998, and oversaw $1.1 billion as of the end of last year, according to a government filing.