Samberg Closing Pequot Capital
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Arthur Samberg, who is one of the most well-known hedge fund managers, is closing his hedge fund, Pequot Capital Management. Samberg is closing and liquidating the his main hedge funds because a federal insider-trading investigation that has "cast a cloud over the firm."
Pequot's funds peaked at approximately $15 billion in 2001, prior to Samberg splitting with Daniel Benton, with each managing about half the firm's capital for their own firms. Since then, Pequot's assets have drifted lower, and it was now managing approximately $3 billion.
Pequot's Samberg sent a letter to investors today. Art wrote, "As you know, my trading in 2001 on behalf of the Core Funds has been the subject of investigations by the SEC and US Attorney’s Office. Those agencies closed their investigations in 2006 without bringing any charges, but Pequot nonetheless suffered from adverse publicity. In late 2008, the government reopened its investigation. Public disclosures about the continuing investigation have cast a cloud over the firm and have become a source of personal distraction. With the situation increasingly untenable for the firm and for me, I have
concluded that Pequot can no longer stay in business as an investment advisor."
You can see the full text of the letter here.
Pequot's funds peaked at approximately $15 billion in 2001, prior to Samberg splitting with Daniel Benton, with each managing about half the firm's capital for their own firms. Since then, Pequot's assets have drifted lower, and it was now managing approximately $3 billion.
Pequot's Samberg sent a letter to investors today. Art wrote, "As you know, my trading in 2001 on behalf of the Core Funds has been the subject of investigations by the SEC and US Attorney’s Office. Those agencies closed their investigations in 2006 without bringing any charges, but Pequot nonetheless suffered from adverse publicity. In late 2008, the government reopened its investigation. Public disclosures about the continuing investigation have cast a cloud over the firm and have become a source of personal distraction. With the situation increasingly untenable for the firm and for me, I have
concluded that Pequot can no longer stay in business as an investment advisor."
You can see the full text of the letter here.
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