Taconic sheds $1 billion in first half despite early surge above high-water mark
By Rob Copeland
Thu Jul 26, 2012
Firm cautions that “macroeconomic setting for investing continues to be fraught with risk.”
||Taconic's Ken Brody at the 2011 AR
Taconic Capital Advisors is shrinking.
Assets at the firm fell $1 billion to $6.85 billion in the
first half of the year, chiefly as a result of redemptions from
its largest strategy, which suffered its second annual loss in
eight years in 2011.
Investors fled the now-$5.8 billion strategy, managed within
the firm's three Opportunity funds, despite the recovery of
their high watermarks in the first quarter of the year,
according to investor documents obtained by AR. The
Taconic Opportunity Master Fund gained 6.24% through the end of
June, compared with a 4.06% rise for the
AR Event Driven Index. (Taconic also manages an older $1
billion event-driven strategy, returns for which were not
The fund dropped...
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