Hedge Funds People moves

Ivory consolidates team, moves performance goalposts

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Curtis Macnguyen shakes up his firm after a year of poor performance.

   
  Curtis Macnguyen (Photo: Ben Clark for Alpha)
Ivory Investment Management founder Curtis Macnguyen is changing his team and strategy in response to losses at the $2.9 billion firm’s flagship long/short equity fund, which was down 6.52% for the year though September.

Frustrated by short-term performance pressure, the 13-year-old Los Angeles firm told investors in an October 18 letter that it is changing the timeframe it uses to evaluate its investments from monthly or quarterly to between 18 and 24 months. “This focus on short-term performance forces managers to sell stocks that are not currently working