Hedge Funds

Sapourn to liquidate hedge funds after heavy redemptions


This week, Florida-based management firm Sapourn Financial Services, LLC, announced it will liquidate its two hedge funds, which employed the controversial mutual fund timing strategy.

The funds were performing well, according to portfolio manager Mike Sapourn, with the Added Performance LP fund returning a total of 211.73% since inception in 1998 and the Performance Partners LP fund returning 281.11% since its inception in 1997.

Sapourn said despite positive performance, the funds suffered heavy redemptions after the mutual fund timing scandal, and assets have dwindled to $6 million between the two funds.

Sapourn said the SEC investigated his firm after