Bommer Is Returning Money From Hedge Fund SAB After 17 Years# Stock
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Bommer Is Returning Money From Hedge Fund SAB After 17 Years
by Saijel Kishan
December 30, 2015 — 2:46 PM PST
Scott Bommer, founder of SAB Capital Management LP, is returning all client
money from his hedge fund after 17 years so that he can focus on managing
his own wealth.
SAB Capital will return most money before mid January, Bommer said in an
investor letter Tuesday, a copy of which was obtained by Bloomberg. The firm
posted a 10.6 percent loss in the first eight months of the year in its SAB
Overseas Fund, according to an investor document. Bommer started New York-
based SAB Capital in 1998, and oversaw $1.1 billion as of the end of last
year, according to a government filing.
“Over that time I’ve often thought this was one of the best professional
opportunities one could imagine,” Bommer, who is a regular on the New York
and Hamptons social scene with his wife Donya, said in the Dec. 29 letter.
He didn’t give a reason for his decision.
Bommer is at least the third hedge-fund manager to announce plans this month
to give back money to clients and focus on investing his own wealth. Doug
Hirsch said he’s returning money to investors of his Seneca Capital
Investments after almost 20 years. Billionaire Michael Platt is ending his
15-year career of managing client money, saying earlier this month that he
wants to focus on trading his own capital and that of employees at his
BlueCrest Capital Management.
SAB Capital’s move adds to a roster of hedge funds, both large and small,
that have shuttered this year as managers struggled to navigate markets
roiled by the Swiss franc’s unexpected surge, the devaluation of the
Chinese yuan and declines in oil prices. According to data from Hedge Fund
Research Inc., 674 hedge funds liquidated in the first nine months of the
year, compared with 661 in the same period during 2014.
Hedge funds on average have returned 0.4 percent this year through November,
according to data compiled by Bloomberg. Long-short equity hedge funds have
gained 2 percent.
Fortress Investment Group LLC, BlackRock Inc. and LionEye Capital Management
are among firms that have shut hedge funds.
Patrick Clifford, a spokesman for SAB Capital at Abernathy MacGregor,
declined to comment on the changes.
http://www.bloomberg.com/news/articles/2015-12-30/scott-bommer-
to-return-money-from-hedge-fund-sab-after-17-years
by Saijel Kishan
December 30, 2015 — 2:46 PM PST
Scott Bommer, founder of SAB Capital Management LP, is returning all client
money from his hedge fund after 17 years so that he can focus on managing
his own wealth.
SAB Capital will return most money before mid January, Bommer said in an
investor letter Tuesday, a copy of which was obtained by Bloomberg. The firm
posted a 10.6 percent loss in the first eight months of the year in its SAB
Overseas Fund, according to an investor document. Bommer started New York-
based SAB Capital in 1998, and oversaw $1.1 billion as of the end of last
year, according to a government filing.
“Over that time I’ve often thought this was one of the best professional
opportunities one could imagine,” Bommer, who is a regular on the New York
and Hamptons social scene with his wife Donya, said in the Dec. 29 letter.
He didn’t give a reason for his decision.
Bommer is at least the third hedge-fund manager to announce plans this month
to give back money to clients and focus on investing his own wealth. Doug
Hirsch said he’s returning money to investors of his Seneca Capital
Investments after almost 20 years. Billionaire Michael Platt is ending his
15-year career of managing client money, saying earlier this month that he
wants to focus on trading his own capital and that of employees at his
BlueCrest Capital Management.
SAB Capital’s move adds to a roster of hedge funds, both large and small,
that have shuttered this year as managers struggled to navigate markets
roiled by the Swiss franc’s unexpected surge, the devaluation of the
Chinese yuan and declines in oil prices. According to data from Hedge Fund
Research Inc., 674 hedge funds liquidated in the first nine months of the
year, compared with 661 in the same period during 2014.
Hedge funds on average have returned 0.4 percent this year through November,
according to data compiled by Bloomberg. Long-short equity hedge funds have
gained 2 percent.
Fortress Investment Group LLC, BlackRock Inc. and LionEye Capital Management
are among firms that have shut hedge funds.
Patrick Clifford, a spokesman for SAB Capital at Abernathy MacGregor,
declined to comment on the changes.
http://www.bloomberg.com/news/articles/2015-12-30/scott-bommer-
to-return-money-from-hedge-fund-sab-after-17-years