Chris Shumway to investors: I’m not going anywhere
By Lawrence Delevingne
Fri Dec 3, 2010
In a letter sent earlier this week, Shumway clarified the firm’s new leadership structure and gave investors more time to approve changes announced last month.
Chris Shumway moved to mollify confused Shumway Capital Partners investors concerned the fund could further suffer because of recently announced management changes. The hedge fund founder sent a letter to investors November 30 with a clear message: he will continue to be actively involved in investment decisions.
The investor confusion came from a November 15 letter explaining that Shumway was handing his role of chief investment officer and sole portfolio manager to firm veteran and former equities head Tom Wilcox on January 1, 2011. Shumway said he would continue to serve as the firm’s chief executive officer and chairman of the management committee. Per a “key man” clause in the limited partnership agreement, investors were told they had until December 3 to submit redemption...
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