Hong Kong-based hedge fund manager DragonBack Capital has seen a dramatic reversal in its fortunes over the last 12 months, with its assets plunging 85 percent to around $45 million amid continued redemptions from fund of hedge funds. Last year at this time, assets in the fund were at $316 million, falling to $187 million by year end, DragonBack Asia Chief Executive Robert Lance told Reuters on Friday. "The AUM gods giveth and they taketh away," said Lance referring to assets under management. "You have to stay philosophical and practical about these things."
Bill Ackman Thanks Investors In Advance For Going Down With The Ship
The hedge fund manager has told investors to buckle the f*ck up re: year end performance; they've responded "Anything for you, Bill."