York's Weinberger Departs After 15 Years to Start Own Hedge Fundby and
He was firm's head of U.S. stocks and co-managed Select Fund
Dinan and CIO Schwartz expect to invest in the new business
Michael Weinberger, the head of U.S. equities at $23 billion York Capital Management, is leaving to start his own hedge fund.
Weinberger, who has worked at the New York-based firm since July 2000, plans to depart on Jan. 31, according to a letter sent to clients Monday that was obtained by Bloomberg.
"Michael played an important role in York’s growth and we were very fortunate to have him as part of the firm," York founder Jamie Dinan and Dan Schwartz, York’s chief investment officer, said in the letter, adding that they planned to invest in his new firm. Dinan founded York in 1991.
"Creating and running my own business has been a lifelong dream and the time is right to pursue this next phase of my career," Weinberger wrote in a separate letter sent to friends dated today. "I find myself yearning to run a more streamlined fund around a more narrow focus, with a commensurately smaller organization necessary to support it.”
Schwartz will take over Weinberger’s role as co-manager of the York Select Fund alongside David Damast. The $875 million fund fell more than 15 percent in 2015 through November, according to a person with knowledge of the matter. The Select Fund and its predecessor returned an average of 12 percent a year from July 2002 through November, Weinberger said in his letter.
A spokesman for York declined to comment on the departure. Weinberger didn’t immediately respond to a call seeking comment.