Hedge Funds

Passport shakes up team


John Burbank’s firm announced a slew of promotions and hires in January—only to fire 14 in March.

 John Burbank
John Burbank’s $3.8 billion Passport Capital is realigning its staff after its flagship long/short Global Fund fell 18.7% in 2011.

News emerged on March 20 that the San Francisco firm had fired 14. “We made the difficult decision to do some downsizing of staff last week, reducing to approximately the headcount we had at the beginning of 2011,” Passport said in a statement. “We thank those employees who are no longer with us for their service and wish them the best. We look forward to continuing to serve our clients