One year ago
Paul Touradji told clients he was reorganizing his firm to
spend more time investing and less time managing operations.
"Simply put, the daily operation of the firm must go from being
a major time and energy drain on me to an integral support
function for our entire team," he wrote.
Three months later, stung by a 14% loss in 2011 and a major
asset drop that pushed the firm off AR’s
Billion Dollar Club rankings,
Touradji announced he was hiring Tudor Investment
Corporation veteran Peter Borish as CEO in a role focused on
marketing. But Borish lasted fewer than six months, as his
six-month contract was not renewed because the
firm’s flagship commodities fund has remained
closed to new investment.
Firmide assets remain just under $1 billion, similar to one
year ago. Touradij declined to comment.
The Rich List 2009: Paul Touradji
AQR Capital Management raised $100 million from the Oregon
Public Employees Retirement Fund, for the Greenwich
firm’s Delta fund.
Performance for that particular fund was not immediately
available, but AQR’s Multi-Strategy Alternative
Fund, a hedge fund-like mutual fund which goes long and short,
is up only 1.96% this year through the end of August, compared
with a 13.51% rise for the S&P 500 Index during the same
The AQR investment was to be the first of $600 million of
Oregonian hedge fund allocations by the end of 2012, but there
have been no further allocation since then. The Oregon
pension’s alternatives head John Hershey did not
respond to a request for comment.
AQR’s Asness building gigantic mansion
AQR achieves a geeks’ revenge
Five years ago
»» Shumway Capital Partners portfolio manager
John Thaler founded JAT Capital, a global equity long/short
firm focused on the technology, media and telecommunications
Thaler launched with $200 million and rose quickly,
reaching $2.4 billion at the start of 2012, months after it was
nominated for an
This year has been a rude awakening. Down 20%
through midyear, JAT earned a
New York Times chastising as "a lesson in
volatility" and lost $500 million in assets in six months.
Through the end of August, the firm was down
15.1%, according to a person familiar, compared with a
3.88% rise for the
Absolute Return Global Equity Index. In 2011, the fund
External spokeswoman Catherine Jones said the
firm declined to comment.