Marjorie Greenspan Kaufman was, until recently, a managing director and head of investor relations at Kingdon Capital. A week or so ago she was unceremoniously canned, as reported by Absolute Return, which prompted her to blast out an email to, we’re told, any clients with over $100 million invested, essentially telling them to take their money and run, as this bitch, and I’m paraphrasing here, is going down. We have the email, after the jump.
I am very proud of creating Kingdon’s “best in class” investor relations department. I am also proud of my role in transforming the firm from a boutique to an institutional asset management business. Over the years it’s been so gratifying to receive numerous compliments from investors like you regarding the thorough transparency we provided; the clarity and detail with which we presented portfolio positioning, risk and attribution; and the overall excellence of our communication efforts.
When I joined Kingdon in mid 2003 the firm had just experienced two down years, was suffering from the departures of many PMs and had lost half of its assets. I leave Kingdon 7 1/2 years later having raised over $5 billion in assets and reshaping the client base from what was predominantly individuals and Fund of Funds to a well diversified mix of public funds, insurance companies, family offices, endowments, foundations and sovereign entities.
Kingdon is now grappling with issues regarding its future viability. The firm faces difficult and sensitive challenges pertaining to succession. There is considerable management turmoil and uncertainty about the firm’s direction. In the past two years, six portfolio managers and numerous analysts have left the firm.
In the midst of this upheaval, I was informed last Thursday that Kingdon was terminating my employment without cause and without notice, in breach of our contract.
While I’m saddened by this sudden and very unexpected turn of events, I know that I leave behind a strong legacy.
I look forward to keeping in touch with you and hope that our paths will cross in the future.
With warm regards,
Update: Kaufman tells us that “no malice” was meant by the letter, and that she only sent it because Kingdon had been telling clients she “left to pursue other interests” and her lawyer advised her to make it clear that wasn’t true.