Troubled Camulos to liquidate portfolios
By Suzy Kenly Waite
Wed Nov 10, 2010
The Soros spinout, founded by Richard Brennan and William Seibold, managed $2.65 billion at its peak.
Camulos Capital, which spun out of Soros Fund Management in 2005 and managed $2.65 billion in January 2008 at its peak, is liquidating its flagship multistrategy credit fund. Following a strong start, the firm suffered from a dispute among the founders that evolved into a nasty courtroom battle, and a traumatic loss in 2008 that led to the suspension of redemptions and resulted in an investor lawsuit that sought to have the flagship closed.
In a letter to investors dated October 29, founding partner and chief executive Richard Brennan wrote that the firm has begun the complicated process of selling all liquid positions in the Camulos Master Fund.
Camulos was born in September 2005 when a 12-member credit team, led by Brennan and William Seibold, left Soros Fund Management with backing from George Soros. Brennan worked at Soros from 2002 to 2005 as a portfolio manager overseeing the credit portion...
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