Schendel departure rocks Pequot

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There is more change afoot at Pequot, with Jerry Schendel leaving the firm. Schendel was managing the $600 million TMT fund and is planning to start his own general equity fund. His departure is being played down by Art Samberg, who unlike other hedge fund managers who attempt to lock in key staff, is magnanimously wishing his departing colleague well.

Samberg said in a letter to shareholders that they will not be seeking a replacement and intend to close the fund. He says that Schendel intends to fulfil his long-term ambition of running his own 'small hedge fund'. Another