Eton Park hedge fund to shut down, return capital
Eric Mindich was at one point the youngest-ever Goldman Sachs partner. He raised $3.5 billion at inception for the Eton Park fund in 2004 and that was the largest ever launch at the time.
He suffered a 9.4% loss last year and is now returning money to investors.
Mindich worked with fellow Goldman Sachs golden boy Richard Perry. Last year, Perry lost 60% of his assets after posting an 18.4% loss over two years. He then shut down Perry Capital.
Mindich lost 11% in 2011, then posted average returns of about +10% over the following four years before last year's drop.
A story from 2012, said that net of fees, the fund had earned a tad more than 7% (total, not annualized) from 2004 to 2012.
Tally it all up and it's another example of wasted money in hedge funds. But I'm sure he did just fine personally.
Institutional Investor has the story.
