Current news for this fund:
Atticus Funds - Event driven fund
Count of distinct funds: 2
Implosion - 2009-08-11
This is a confirmation of an implosion that likely happened effective some months ago. Today Barakett has announced that the majority of the outfit will be shut down, and he will be quitting to focus on family and "philanthropic activities" (the usual rigamarole).
However, we have the story that Atticus went from ailing to infighting to implosion --
According to two fund-of-funds investors, Barakett and his partner David Slager began fighting over investment strategies last summer. The tussle began when Barakett set up a side-pocket fund for Atticus' investment in Deutsche Boerse, a move investors didn't vote on nor from which did they have the ability to redeem. That caused one fund-of-funds investor to pull his firm's large investment out last fall and warn others he didn't think Barakett could turn his lagging fund around.
Atticus was $20B in size at peak (2007) overall. It had atrophied to $14B by July 2008. At the beginning of 2008, Global had about $8.5B of assets; as of closure it was down to $3.5B.
The European Fund, managed by Slager, will continue. It has $1.2B of assets remaining.
Ailing - 2008-09-04
Things could hardly be going well when you're having to deny liquidation rumors, and Atticus Capital, an event driven fund, has been doing just that this past week. According to the Reuters article:
FT Alphaville elaborates on the above percentages using the raw dollars involved noting that, "Atticus had about $14bn under management at the end of July, down from a peak of more than $20bn last year."
But as Atticus assures us, they aren't liquidating! At least not intentionally, anyway.
We'll be keeping an eye on Atticus Capital. Please let us know if you have any additional information regarding their continued status with regard to investment activities or investor redemptions.
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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.