Sandra Manzke, founder of Maxam Capital Management (and previously the chief executive of Tremont Capital Management), is fighting mad. The long-term investor in hedge funds is astounded by the measures they are now taking to protect their skins, often in a manner that she says is detrimental to investors.
Manzke, who vented her frustration on a panel of investors at this week’s Absolute Return Symposium, sent an email to colleagues earlier this week urging investors to form a “Hedge Fund Investors United Forum,” which aims to stand up to objectionable hedge fund behavior by employing shareholder activist-style tactics. During the panel, held Thursday, she said her e-mail had already received 200 replies. The full text of her letter is reprinted here.—JF
AN IMPORTANT LETTER TO HEDGE FUND INVESTORS
I was...