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Here’s What Happens When a Hedge Fund’s Star Walks Away

  • Former CIO Fredman lured talent, propelled outsize returns
  • Firm has struggled with performance, turnover, redemptions
Views Of Wall Street As Stocks Extend Losses
Photographer: John Taggart/Bloomberg

Andrew Fredman hit the hedge-fund lottery. For a decade and a half, he made a fortune as the investment brains behind Fir Tree Capital Management.

Then, at 53, he walked away.