Eton Park: “We are very disappointed”
January 20, 2012
Lawrence Delevingne
Eric Mindich’s firm explains how it lost 11% in 2011; announces a departure and new partners.
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| | Eric Mindich (Photo: Bloomberg)
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Eric Mindich’s Eton Park apologized to investors for its poor performance in 2011 in a detailed, 48 page letter to clients this week.“We are very disappointed with these results,” the firm said in a January 17 note to investors in its flagship $3.8 billion Eton Park Fund. “We entered 2011 believing that the year would bring some measure of normalcy to the economy and markets, creating a backdrop for our investments to demonstrate their underlying value…however, 2011 was instead driven by macro disruptions and a weakening economic landscape that undermined the value realization process for many of...
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