Pallotta to Shut Down Raptor Fund, Reopen It Later

Reuters Hedgeworld (June 03, 2009)

Author: Svea Herbst-Bayliss

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Summary

BOSTON (Reuters) - Hedge fund manager James Pallotta, who long delivered some of the industry's best returns, told clients on Tuesday [June 2] that he will shut down his $800 million Raptor Global fund in July.

Mr. Pallotta, 51, told investors that he had grown concerned about the $1.3 trillion hedge fund industry's short-term focus and that he plans to restart his fund after taking a few months off to create a new strategy.

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Pallotta to Shut Down Raptor Fund, Reopen It Later

"I intend to step back from day-to-day investing for a few months to spend valuable time crafting an optimal...

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