Jeffrey Vinik to Close Hedge Fund After Fundraising Struggle
- ‘Simply put, it has been much harder to raise money,’ he says
- Vinik said he will return most investor money by Dec. 15
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Jeffrey Vinik said he plans to close his hedge fund after having difficulty raising money from investors.
“Simply put, it has been much harder to raise money over the last several months than I anticipated,” Vinik, who rose to fame as manager of the Fidelity Magellan fund, said in a letter to investors seen by Bloomberg.